Sequoia Capital invests in Celon Labs

Leading venture capital firm Sequoia Capital,said that it has invested Rs 70-crore in Celon Labs.

Leading venture capital firm Sequoia Capital India,today said that it has invested Rs 70-crore in Celon Labs,a leading Indian bio-pharmaceutical company with well-established brands in oncology,critical care and gynaecology segments.

The investment will empower Celon Labs to further expand its manufacturing infrastructure and strengthen its marketing activities to fuel future growth,it said.

Sequoia Capital’s Managing Director,Sandeep Singhal,will join the Board of Celon Labs and support the company in its aggressive growth plans,a press release issued here stated.

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Celon Labs is a fast-growing,India-focussed,fully integrated pharmaceutical company and a leader in the development and marketing of a range of specialty and super-specialty products.

In a span of three-years,the company has built a pan-India presence registering an annual growth of 200 per cent and is expected to cross a turnover of over Rs 100-crore in FY 11.

Using in-house R&D and manufacturing capabilities,Celon Labs is focused on providing innovative formulations that offer quality and affordability to patients.

Singhal said that “we are excited to partner with Celon Labs to support its ambitious growth plans.

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Celon Labs CEO,K V Ravindra,said that “Sequoia Capital brings a wealth of healthcare investment experience and a blend of local knowledge and global expertise that will be invaluable to our company as we continue to pursue our strong growth trajectory”.

Citadel Management Consulting was the exclusive advisor on this deal.

Sequoia Capital currently manages funds capitalised at close to USD 1.8-billion and invests across ventures,growth and late-stage opportunities in India. Over the last nine-years,it has invested in more than 50 Indian companies including Café Coffee Day,Comviva (Bharti Telesoft),Dr Lal Pathlabs,Edelweiss,Firstsource,GVK Biosciences,Idea Cellular,Ind-Barath Power,Just Dial,Shaadi.com and SKS Microfinance.