Ahmedabad based pharmaceutical company La Renon has raised $30 million from A91 Partners. Floated by former Sequoia Capital managing directors VT Bharadwaj, Gautam Mago and Abhay Pandey, A91 Partners is a Mumbai based growth equity fund.

This is La Renon’s second round of funding; in the first round of capital raise the startup had secured $16 million from Sequoia Capital. The firm is currently valued at $500 million which is a five time jump from the firm’s valuation at the time of the last fund raise round. According to reports, La Renon inteds to utilize the fresh capital infusion to strengthen its product portfolio, and research & development capabilities.

Founded in 2007, La Renon provides pharmaceutical products and services for various critical illnesses and diseases. A new age pharma company it specializes in areas such as nephrology, neurological disorders, urology, gastroenterology, respiratory and cardiometabolic among others. La Renon is said to hold a 30 percent share in the nephrology drug segment and has operations across Latin America, the Middle East, Africa and Southeast Asia.

“The opportunity in the segment is huge. Despite the presence of global peers, we have been able to carve out a niche in the early-stage drug market for these diseases and we see this market growing manifold over the years,” quoted Pankaj Singh, Founder & CEO, La Renon to a leading daily while talking about the investment.

This investment comes at a time when new age pharma firms have been attracting investor interest and doubling up on growth.