La Renon Healthcare Pvt. Ltd, a branded formulations maker for chronic diseases, has raised Rs.100 crore from Sequoia Capital in a first round of funding. The company said on it would use the funds towards stepping up the research and also enter new categories like gastroenterology and respiratory segments.
La Renon started operations in 2008 by entering the nephrology segment to address patients with chronic kidney diseases. This segment alone is estimated to have 6 crore patients in India, of which only 1% are diagnosed. Later, La Renon, also entered critical care, neurological disorders and urology.
“Chronic diseases are fast becoming a major health risk for a majority of Indians, largely due to factors relating to the changing modern lifestyle and our aim to develop and market new and innovative solutions to address these chronic health issues. With this partnership with Sequoia we look forward to providing integrated care to solve chronic diseases and affordably addressing the underserved medicinal needs of the galloping patient population,” said Pankaj Singh, founder and chief executive of La Renon, that currently has 164 products in its kitty.
The Indian healthcare industry is estimated to grow at 15% annually to reach $ 90 billion in 2017, up from $ 60 billion in 2014.The growth is backed by a gradual shift in the patient behaviour who are now looking at managing not just acute diseases, but chronic ones too on a regular basis, according to La Renon.
“Health and technology are converging to become ubiquitous in patients’ and doctors’ lives. La Renon with innovative solutions and deep understanding of chronic diseases management has the potential to be a game-changer in the chronic disease care space in India,” said VT Bharadwaj, managing director, Sequoia Capital India Advisors.