[Funding alert] GenWorks Health raises Rs 135 Cr from Somerset Indus Capital Partners, Morgan Stanley, Evolvence & Wipro GE
GenWorks said it aims to double revenues in FY23 and the funding will be leveraged to cover working capital needs, relevant M&A to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics.
, the Bengaluru-based startup that is dedicated to improving healthcare access in India, has raised a second round of funding to the tune of Rs 135 crore from investors such as Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence and Wipro GE.
GenWorks said it aims to double revenues in FY23 and the funding will be leveraged to cover working capital needs, relevant M&A to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics. In addition, the freshly infused funds would also be deployed towards building ‘’Human Capital’’ to enable the rapid growth and build ‘’Platform Participation’’.
S Ganesh Prasad, Founder, MD and CEO, GenWorks said,
“Our goal at GenWorks has been crystal clear - to bring awareness for affordable care. The journey towards this began in 2015 in the areas of mother and child care, critical care and cardiology, radiology, and hospital solutions. We started with 160 people in 30 locations with GE as the primary technology partner. Today, we have a strategy to solve care cycle needs in every area as a part of our endeavour to support affordable access through 500+ people in over 130 locations.”
He further added on the fundraising plans, “We strongly believe that the rate of adoption of technology has to dramatically change and for the doctors to adapt, our delivery method should change. A clear understanding of how we leverage technology and innovation and be sincere about what we can or cannot has to be clear. There is a definitive need to change the traditional hierarchy and delivery methods and this needs a cultural shift. We are far ahead in leading this and our investments are aligned to making this robust.’’
GenWorks was originally a Wipro GE invested company with an aim to create a platform for solving the three fundamental challenges in healthcare - Access, Affordability and Adoption. GenWorks was conceived to bridge the gap of inadequacies in the healthcare sector by leveraging its close association with GE Healthcare, whose vision is 'At work for a healthier India'. The company aims to make quality care available across the country. GenWorks is dedicated to building awareness by leveraging the available technology and providing affordable solutions across geographies through its state-of-the-art digital solutions, with a focus on improving specialist access for the last-mile.
“Genworks has a wide reach across the country and is aiming to expand and grow beyond the shores of the country aided by M&A activities. With foray into respiratory care, renal care, consumables and pharma, in-vitro diagnostics, oncology and a bouquet of tele-health services, Genworks is a customer delight,’’ said Ramesh Kannan, Partner, Somerset Indus Capital Partners.
According to VS Raghavendra Rao, CCO GE Healthcare, South Asia, “Enabling wider access to healthcare is one of our key priorities in India. With GenWorks, our startup innovation, we aim to improve distribution in tier-II and tier-III towns and take disruptive technologies, training and support closer to healthcare providers in these underserved markets. Investment in Genworks is a testimony to our promise of bridging the treatment gap and enhancing care delivery across India.’’
Edited by Anju Narayanan