Healthcare startup GenWorks Health has secured a second round of funding to the tune of Rs 135 crore. The consortium of investors who participated in this round were Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence & Wipro GE.
The company will use the fresh capital for acquisitions, expansion in in-vitro diagnostics field and to meet working capital needs, said Genworks in a statement.
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. 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,” said S Ganesh Prasad, founder, MD and CEO, GenWorks.
“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…,” he added.
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Genworks Health was seeded by US conglomerate GE Healthcare, with which Mr Prasad was associated for 18 years. Ramesh Kannan, Partner, Somerset Indus Capital Partners, said that the company also aims grow overseas through mergers and acquisitions.
