BlackSoil, an alternative credit platform based in Mumbai, has recently disclosed its investment of $4 million in GenWorks Health, a prominent medical technology company headquartered in India.
This investment is a reflection of BlackSoil’s dedication to investing in the healthcare sector and is anticipated to facilitate the growth and development of GenWorks Health, while also contributing to the advancement of groundbreaking healthcare solutions, as per reported by expresscomputer.
“We are pleased to tie up with Blacksoil and have them as our partner. Their funding will aid our expansion activities, grow the customer base, as well as help us maintain a robust infrastructure, such as equipment, software, technology, and staffing, to support the delivery of our healthcare services” said S Ganeshprasad, Founder, Managing Director, and CEO, Genworks
GenWorks Health is involved in the distribution of medical devices and consumables across India, with a nationwide reach and a track record of serving over 40,000 clients in over 700 districts throughout the country. The company is dedicated to improving healthcare outcomes by utilizing innovative technology and has expanded its product range to cover all aspects of patient care, from screening and diagnosis to treatment and monitoring.
GenWorks Health, with the backing of investors such as Somerset Indus Capital Partners, Evolvence, and Morgan Stanley, is well-positioned to enhance the accessibility and affordability of healthcare across India. BlackSoil’s investment in the company is expected to catalyze its growth and consolidate its position as a leading player in the medical technology sector.
“Our investment in Genwork Healthcare is not only a testament to their potential for growth but also to our belief in the transformative power of healthcare technology. By leveraging our expertise and resources, we are confident that together we can make a positive impact on the healthcare industry and improve the lives of countless individuals”, said Ankur Bansal, Co-founder of BlackSoil Capital.
Through this investment, GenWorks Health will be able to further its mission of delivering high-quality healthcare to underserved regions and help to make healthcare more accessible and affordable in tier-II/III cities across India. The investment will provide additional resources to support the company’s efforts in this direction.
GENWORKS Health programme aims to provide healthcare practitioners working in rural regions with the tools they need to provide better medical care and diagnostics while keeping costs down.