You are here: Home » Companies » News
Business Standard

GenWorks Health secures Rs 135 cr from Morgan Stanley, Wipro GE and others

Funding will be leveraged to cover working capital needs, relevant M&A to invest in manufacturing tie-ups, and expansion in-vitro diagnostics

startups in India | healthcare

Peerzada Abrar  |  Bengaluru 

In terms of hospital beds, Karnataka had 3.9 hospital beds per 1,000 people

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 transformation from 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."

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, May 04 2022. 16:34 IST