Medtech distribution platform Genworks Health Pvt Ltd has raised Rs 135 crore in fresh funding round from Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence and Wipro GE.
The startup plans to use the funds for acquisitions, expansion in in-vitro diagnostics and meeting working capital requirements.
The Bengaluru-based Genworks was founded in 2015 by Balaji R Raghupathy, Kiran Thadimarri and S Ganesh Prasad, It aims to create a platform for addressing the three fundamental challenges in healthcare – access, affordability and adoption.
The startup was conceived to bridge the inadequacy gap in the healthcare sector by leveraging its close collaboration with GE Healthcare with a vision of ‘At work for a healthier India’.
“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”, said, S Ganesh Prasad, Founder, MD and CEO, Genworks.
Genworks aims to provide quality care across the country and is dedicated to creating awareness by leveraging available technology and providing affordable solutions across geographies through its state-of-the-art digital solutions, with a focus on improving expert access to the last has been focused.
“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”, he added.
“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.
“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”, said, VS Raghavendra Rao, CCO GE Healthcare, South Asia.
In July 2021, Genworks had raised $2 million in debt funding round from Blacksoil Capital.
Genworks Health is an initiative by GE for empowering healthcare professionals operating in rural areas to deliver better medical facilities and diagnostics while keeping things affordable. With over 200 experienced and committed team members and a leadership team that has 17+ years of experience, they work towards making customers happy every day.