According to a report in The Economic Times, the investment has valued the Ahemdabad-based pharmaceutical company at $500 million.
“A91 has picked up around 5-6% stake in the company, while Sequoia will continue to hold around 12.5% stake,” the report said quoting Pankaj Singh, founder and chief executive of La Renon. Singh will continue to hold the remaining stake in the company.
La Renon plans to utilise the proceeds to strengthen its product portfolio and R&D capabilities, it added.
Established in 2007, La Renon caters to therapy areas of nephrology, critical care, neurological disorders, urology, gastroenterology, respiratory, cardiovascular, metabolic diseases and gynaecology.
The company has expanded its operations across Latin America, Middle East, Africa, Southeast Asia, and CIS and recently expanded its manufacturing plant, making it compliant with international accreditations in Europe, Australia, UK and Brazil.
Mumbai-based A91 Partners, which was was floated in 2018, had closed its maiden fund at $350 million in July 2019. According to a report in VCCircle, the firm is looking to launch its second fund soon. It counts fan maker Atomberg, B2C spices brand Pushp, insurance distributor Go Digit, small business lender Aye Finance, beverage brand Paper Boat, and make-up brand Sugar Cosmetics among its portfolio companies.