Bangalore, India-based healthcare startup GenWorks Health raised USD 17.5 million (INR 135 crore) in its second round of funding. On May 04, 2022, a consortium of investors participated in the funding for GenWorks Health. The consortium included investors such as Somerset Indus Capital Partners, Morgan Stanley via its funding arm Grand Vista, Evolvence and Wipro GE.
Purpose of Funding for GenWorks Health
GenWorks Health will use the funding to leverage its working capital needs. It will also look to secure relevant mergers and acquisitions to invest in manufacturing partnerships and expansion in the area of in-vitro diagnostics.
In addition, the latest capital infusion will aid in building Human Capital to enable rapid growth and build Platform Participation.
Moreover, the healthcare platform aims to double revenues in FY23.
What the founders have to say
S Ganesh Prasad, Founder, MD & CEO, GenWorks, said, “Our goal at GenWorks has been to bring awareness for affordable care. The journey towards this began in 2015 in the areas of mother and child care, critical care, 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. Technology is at the forefront in this healthcare transformation from healthcare delivery, be it ICU care disruption, urgent care or home care, to bringing efficiency in supply chain and commercial excellence.”
He further added, “We strongly believe that the adoption rate of technology has to change dramatically, and for the doctors to adapt, our delivery method should change. A clear understanding of how we leverage technology and innovation and being sincere about what we can or cannot has to be precise. 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. Defining tomorrow today is our way of asking ourselves what we have to do and thinking about the underserved areas. It is time to execute at speed as the need is well understood. We are ahead of others, having envisioned the change to create GenWorks as the solution for Affordable Access.”
What the investors have to say
“Genworks has a wide reach across the country. It aims to expand and grow beyond the shores of the country aided by M&A activities. With the foray into respiratory care, renal care, consumables and pharma, in-vitro diagnostics, oncology as well as a bouquet of telehealth services, Genworks is a customer delight,” said Ramesh Kannan, Partner, Somerset Indus Capital Partners.
In addition, VS Raghavendra Rao, CCO GE Healthcare, South Asia, said, “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. We want to take disruptive technologies, training and support closer to healthcare providers in these underserved markets. Investment in Genworks is a testimony to our promise to bridge the treatment gap and enhance care delivery across India.”
For more extensive analysis and Market Intelligence reports, feel free to approach us or visit our website i.e. Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
 in its second round of funding. On May 04, 2022, a consortium of investors participated in the funding for GenWorks Health.){kind=link}