Healthtech platform GenWorks Health raises Rs 41 Cr led by Evolvence India Fund
According to the regulatory filing with the Registrar of Companies, the board at GenWorks has passed a special resolution to issue 5,12,500 CCPS (Compulsory Convertible Preference Shares) at a face value of Rs 100 each and premium value of Rs 700.
Bengaluru-based Health Private Limited has raised Rs 41 crore in a funding round led by Evolvence India Fund.
Somerset Indus Healthcare Fund, Kasiraman Swaminathan also participated in this round.
According to the regulatory filing with the Registrar of Companies, the board at GenWorks has passed a special resolution to issue 5,12,500 CCPS (Compulsory Convertible Preference Shares) at a face value of Rs 100 each and premium value of Rs 700 each to raise the above sum.
According to the filings, Evolvence Fund and Somerset Indus Healthcare Fund have put in Rs 24.6 crore and Rs 8.2 crore, respectively, while Kasiraman Swaminathan and Ramesh Kumar Sivaraman have invested Rs 6.1 crore and Rs 2 crore respectively.
Evolvence India (EIF) is a boutique investment management firm focused on Private Investments in India, including Buyouts, Growth and Venture Capital. EIF is sponsored and part of the Dubai-based alternative investment firm Evolvence Capital.
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GenWorks, which initially began its journey as a Wipro GE-invested company, aims to create a platform for solving the three fundamental challenges in healthcare: access, affordability, and adoption.
The 10-year-old company provides medical devices for cardiology, newborn care, ENT and femtech. It has branches across India and has reached 200 million people, according to its website.
Edited by Affirunisa Kankudti