, claims to be the first start-up in the Indian healthcare industry has raised a second round of funding to increase its health platform participation. The Funding of Rs 135 crore was raised from investors such as Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence and Wipro GE.
GenWorks has set a goal to double revenues in FY23 and the new investments will fund working capital needs, M&A , further invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics. Moreover, the freshly infused funds would be targeted towards building ‘’Human Capital’’ to enable the rapid growth and build ‘’Platform Participation’’.
GenWorks was originally a Wipro GE invested company with an aim to create a platform for solving the three fundamental challenges in healthcare – Access, Affordability and Adoption. 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 aims to expand its affordable healthcare platform
In 2015, Ganeshprasad, with the help of GE Healthcare, created GenWorks to bridge the growing disparity of healthcare in India.
S Ganesh Prasad, Founder, MD and CEO, GenWorks said, “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.”
Prasad further added on the fundraising plans, “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.’’
The company aims to make quality care available across the country. 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.
“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.
VS Raghavendra Rao, CCO GE Healthcare, South Asia, says “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.’’
