Indian healthcare player La Renon raises $16m from Sequoia
La Renon, an Indian developer and manufacturer of pharmaceutical drugs and services, has raised INR1 billion ($16 million) in Series A funding from Sequoia Capital.
The company, which focuses on treatments for chronic kidney disease, said that it will use the funds to improve its research and development efforts, according to Livemint. It will also expand its research into new fields such as gastroenterology and respiratory disorders.
La Renon, founded in 2008, claims to have been the first company to focus on kidney disease, from which 60 million people in India are estimated to suffer. It produces, markets and distributes more than 160 products, and is also involved in other segments such as critical care, neurological disorders and urology.
India's healthcare sector has been a major target for investors recently. This year Southeast Asia and India-focused Quadria Capital raised $304 million for its maiden healthcare fund, while there have been a number of investments in the space. Among these were a $48 million commitment to Narayana Hrudayalaya Hospitals from CDC Group and a $10 million round for home healthcare provider Medwell Ventures from Fidelity Growth Partners India.
Sequoia is currently investing out of its fourth India-focused fund. The fund closed at $530 million in May last year. It mainly seeks investments in the healthcare, technology and consumer sectors.
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