Wipro GE-backed healthcare startup GenWorks raised Rs 41 Cr, valued at Rs 550 Cr
In a funding round headed by Evolvence Fund, healthcare startup GenWorks has raised Rs 41 crore, or roughly $5 million. Principal participants in the round included the Zawawi Group and the Somerset Indus Healthcare Fund.
According to its regulatory filing, which can be accessed through the Registrar of Companies, the board of GenWorks Health has decided to raise the aforementioned amount by issuing 5,12,500 CCPS at an issue price of Rs 800 each.
The Zawawi Group’s group CEO and finance manager, Kasiraman Swaminathan, along with the Somerset Indus Healthcare Fund contributed a combined amount of Rs 8.2 crore, while the Evolvence Fund contributed Rs 26 crore.
The Bengaluru-based business is reportedly valued between Rs 540 and Rs 550 crore, or $65 million (post-allotment).
After the recent investment, Evolvence Fund now owns 1.51% of the company, while Somerset Indus Healthcare and two important Zawawi Group employees hold 4.54% and 1.52%, respectively.
Since its founding as an entity invested by Wipro GE, Genworks has raised over $33 million, including a $17 million investment round led by Morgan Stanely and Wipro GE in May 2022. A joint venture between the American multinational GE Healthcare and the Indian IT major is called Wipro Ge. In May 2023, the company also received $4 million from BlackSoil.
GenWorks, founded by S Ganesh Prasad, provides medical equipment for a variety of uses, including respiratory, cardiology, ENT, IVD, neonatal care, and radiography. On its website, it states that since its founding, it has impacted over 200 million Indians and saves 6 million lives annually.
The past few fiscal years have seen the ten-year-old company grow quickly. The operating collection for FY23 was Rs 447 crore, representing a 20% increase over FY22. In the same time frame, its losses also increased by 46% to Rs 44 crore. Financial data for the most recent fiscal year (FY24) has not yet been released by GenWorks.
