GenWorks Health Raises INR135 Crore Funding Funds will be utilized to cover working capital needs, relevant mergers and acquisitions to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics
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GenWorks on Wednesday announced to have raised a second round of funding of INR 135 crore. The consortium of investors who partook in this round were Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence and Wipro GE. Funds will be utilized to cover working capital needs, relevant mergers and acquisitions to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics. A part of the freshly infused funds would be deployed towards building human capital to enable the rapid growth and build Platform Participation.
"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-plus 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," said S Ganesh Prasad, Founder, MD & CEO, GenWorks.
The onset of the pandemic had shed light on gaps in the healthcare system of India. According to a report by IAMAI-Praxis report, the Indian healthtech market is growing at 39 per cent compounded annual growth rate to reach $5 billion by 2023. The report also stated that the healthtech market in 2021 stood at $1.9 billion, which was only 1 per cent of the total Indian healthcare market.
"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 2 and tier 3 towns and take disruptive technologies, training and support closer to healthcare providers in these underserved markets. 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," said VS Raghavendra Rao, CCO GE Healthcare, South Asia.
GenWorks is a startup in the Indian healthcare industry that is dedicated to improving healthcare access in India. GenWorks was conceived to bridge the gap of inadequacies in the healthcare sector by leveraging its close association with GE Healthcare, whose vision is 'At work for a healthier India'. GenWorks is dedicated to building awareness by leveraging the available technology and providing affordable solutions across geographies through its state-of-the-art digital solutions, with a focus on improving specialist access for the last-mile and aims to double revenues in FY 23.