Healthcare startup GenWorks said that it has secured a second round of funding of Rs 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.
GenWorks aims to double revenues in FY23 and the funding will be leveraged to cover working capital needs, relevant M&A to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics. In addition, the freshly infused funds would be deployed towards building ‘’Human Capital’’ to enable the rapid growth and build ‘’Platform Participation’’.
“We started with 160 people in 30 locations with GE as the primary technology partner,” said S Ganesh Prasad, founder, MD and CEO, GenWorks. “Today, we have a strategy to solve care cycle needs in every area as a part of our endeavour to support affordable access through over 500 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.”
The firm said that the fragmented healthcare system has been under pressure, amplified by the Covid Pandemic. Chronic care and elective surgeries took a beating, bringing upon the realization of the need to reorganize delivery. The need for better primary healthcare, not just to screen and diagnose but to stage treatment and effectively intervene, is evident. It is necessary that chronic care is moved to where the patient is or to a neighbourhood healthcare facility. The GenWorks initiative seeks to move health care to the Point of Care.
“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,” said Ramesh Kannan, Partner, Somerset Indus Capital Partners. “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 Kannan.
V S Raghavendra Rao, CCO GE Healthcare, South Asia, the investment in Genworks is a testimony to the firm's promise of bridging the treatment gap and enhancing care delivery across 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,” said Rao. “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."