Somerset Indus Capital Partners, Morgan Stanley through its investing arm Grand Vista, Evolvence, and Wipro GE have all invested in GenWorks Health in a second round of funding of Rs 135 crore.
The health-care startup now wants to treble its sales in FY 23, and the money will be used to finance working capital, applicable M&A to engage in manufacturing partnerships, and in-vitro diagnostics expansion.
S Ganesh Prasad, Founder, MD & CEO 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 & 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 all the way to bringing efficiency in supply chain and commercial excellence.”
GenWorks is an Indian healthcare business devoted on improve healthcare access in the country. It began as a Wipro GE-backed startup with the goal of building a platform to address the three major concerns in healthcare: access, affordability, and adoption.
VS Raghavendra Rao, CCO GE Healthcare, South Asia, said, “Investment in GenWorks is a testimony to our promise of bridging the treatment gap and enhancing care delivery across India. With the broad spectrum of Wipro GE healthcare products, the healthcare providers have a strong opportunity to build a robust portfolio and provide quality healthcare across all of India.”
