Aragen Life Sciences, a contract research, development, and manufacturing organisation (CRDMO), has received a Rs 3 billion investment from the Avendus Future Leaders Fund (FLF), a private equity fund managed by the Avendus Group, along with SBI Life Insurance. This investment comes out of Avendus’ third fund, which marks the fund’s second investment, the first being its investment in La Renon Healthcare earlier this year. 

Aragen, established in 2001, is primarily focused on developing innovative pharmaceuticals, though in recent years has started to develop digital and AI technologies. It also offers R&D services for manufacturing. 

Ritesh Chandra, managing partner, Avendus FLF, said that the investment belies their belief in the prospects of the CRDMO market in India and specifically Aragen’s ability to capture the market as well as the market for global pharmaceuticals. He remarked that the CRDMO industry is growing at a rate of 16 per cent, and that India will wield a greater share of this market over the coming years. India’s current share of the global market is 8 per cent, and Chandra expects that number to increase to 14 per cent.

With two investments in the healthcare sector under their belt, Avendus is now seeking investment opportunities in the electronics manufacturing and engineering space.