Avendus Future Leaders Fund buys stake in phama La Renon Healthcare
La Renon Healthcare counts Peak XV and A91 who have been invested in La Renon since 2015 and 2021 respectively. In 2024, private equity fund ChrysCapital invested $70 million in 2024.
Late-stage focused Avendus Future Leaders Fund (FLF) has acquired a minority stake in Ahmedabad-based formulations company La Renon Healthcare for Rs 160 crore from two undisclosed investors.
The secondary transaction marks the first investment from the newly launched Future Leaders Fund. The fund did not disclose the valuation of the deal.
La Renon Healthcare counts Peak XV and A91 as its backers; they have been its investors since 2015 and 2021, respectively. In 2024, private equity fund ChrysCapital invested $70 million in La Renon.
“This transaction marks our first deal in the healthcare and life sciences space. La Renon, under the leadership of Mr. Pankaj Singh, has demonstrated consistent high growth over the last decade with strong positions in multiple chronic therapy segments while creating several category-leading brands,” said Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund.
Founded in 2007 by Pankaj Singh, La Renon specialises in nephrology, neurology, gastroenterology, cardiology, and diabetes, among other therapeutic areas. The company holds over 250 patents across India, the US, the EU, and Canada. The company operates two manufacturing units, two active pharmaceutical ingredients units and a dedicated research and development (R&D) centre.
The FLF will be Avendus’ third offering under the FLF platform. The Category-ll Alternative Investment Fund has a target corpus of $350 million (Rs 3,000 crore), including a green-shoe option of up to $175 million (Rs 1,500 crore).
The FLF III fund was announced in May last year; the vehicle looks to invest in 10-12 companies with an average cheque size of $25-35 million. The fund focuses on sectors like financial services, consumption, digital and technology, healthcare, and manufacturing.
Avendus’ portfolio companies from FLF I and FLF II include omnichannel eyewear brand Lenskart, Indian snacks company Bikaji, and mobile payments platform Juspay, among others.
Recently, Avendus Capital shut its hedge fund business after not seeing much traction in its funds. Its chief, Andrew Holland is also transitioning out of the firm. The hedge fund has two offerings, Avendus Absolute Returns and Avendus Enhanced Return under this vertical.
Edited by Kanishk Singh
