Genworks Health Raises INR 15 Cr From Blacksoil Capital

The company will use the funds to expand its recently acquired in-vitro diagnostics segment

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Medical device distributor Genworks on Tuesday announced to have raised INR 15 crore in debt from Blacksoil.

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The funds will be used for meeting the working capital requirements and expanding the company's newly acquired in-vitro diagnostics segment of IRIS Healthcare. The acquisition complements and accelerates the current in-vitro diagnostics segment of Genworks and improves its geographical footprint.

"We are pleased to tie up with Blacksoil and have them as our partner, their funding is a strong boost to our expansion activities and will help us grow our product portfolio as we continue to onboard various segments to build our care cycle," said S Ganeshprasad, co-founder, managing director, and chief executive officer, Genworks.

Genworks, which started as a medical equipment distributor for GE Wipro in tier-II/III India, has tied up with various OEMs and has expanded its product portfolio to cover the entire "care cycle" of a patient- from screening to diagnosis to treatment and monitoring. Apart from the distribution of medical equipment the company also provides software solutions and interpretation services as well as related maintenance, repair, and installation services in the area of maternal and infant care, women's health, cardiology, oncology, in- vitro diagnostics, radiology, surgery, and critical care.

"Genworks has created a strong distribution network across India and has tie-ups for best in class medical device manufacturers in the country. Their robust portfolio of products covers most areas required in a "care cycle'. COVID has also heightened the need for quality healthcare across the country. We are pleased to be associated with the company and are glad we can play a role in helping the improvement of the healthcare system of India," added Ankur Bansal, director, Blacksoil Capital.

Genworks distributes for over 25 medical equipment manufacturers across 500 districts in India providing better quality healthcare to tier-II/III cities in India. The founders of Genworks claimed to have helped the company to become one of the largest medical device distributors in India. Apart from being backed by GE Wipro, the company has also raised funds from Somerset Indus Capital Partners, Evolvence, and Morgan Stanley.