Goldman Sachs To Invest $200M In La Renon Healthcare
La Renon Healthcare, which is backed by Sequoia Capital, is valued at $7,500 crore ($900 million) in a deal that would see Goldman Sachs pay approximately 1,600 crore ($200 million) for a sizeable share. According to several persons with knowledge of the situation, Sequoia is expected to sell its full 14% investment in La Renon to Goldman along with an additional 5-6% stake to the promoter.
Presently, local venture capital firm A91 Partners holds 6% of the Ahmedabad-based formulations producer, with entrepreneur Pankaj Singh & family owning the remaining 80%.
According to the individuals named above, local private equity fund ChrysCapital has also looked into the La Renon sale. Sequoia's exit strategies were verified by Pankaj Singh, MD of La Renon, when approached, but he withheld additional information.
Goldman Sachs and Sequoia's spokespeople both declined to comment. The majority of La Renon's revenue comes from the nephrology, central nervous system (CNS), critical care (CC), and gastroenterology (GE) areas. La Renon was founded in 2007 by Singh.
The business received 100 crore ($16 million) from Sequoia Capital as part of its initial round of funding in 2015. Abhay Pandey, VT Bharadwaj, and Gautam Mago, the former managing directors of Sequoia Capital, founded A91 Partners, which invested $30 million in La Renon in 2021 at a valuation of $500 million.