Medical device distributor, Genworks has raised Rs 15 crores in debt from Blacksoil. The funds will be used for meeting the working capital requirements and expanding the company’s newly acquired in-vitro diagnostics segment of IRIS Healthcare. The acquisition complements and accelerates the current in-vitro diagnostics segment of Genworks and improves its geographical footprint.
S Ganeshprasad, Co-Founder, MD and CEO of Genworks, said the company is pleased to tie up with Blacksoil and have them as their partner. “Their funding is a strong boost to our expansion activities and will help us grow our product portfolio as we continue to onboard various segments to build our care cycle.”
Ankur Bansal, Director, Blacksoil Capital, acknowledged that Genworks has created a strong distribution network across India and has tie-ups for best in class medical device manufacturers in the country. “Their robust portfolio of products covers most areas in a “care cycle”. COVID-19 has also heightened the need for quality healthcare across the country. We are pleased to be associated with the company and are glad we can play a role in helping the improvement of the healthcare system of India.”
Genworks, which started as a medical equipment distributor for GE Wipro in tier 2/3 India, has tied up with various OEMs and has expanded its product portfolio to cover the entire “care cycle” of a patient from screening to diagnosis to treatment and monitoring. Apart from the distribution of medical equipment, the company also provides software solutions and interpretation services as well as related maintenance, repair and installation services in the area of maternal and infant care, women’s health, cardiology, oncology, in-vitro diagnostics, radiology, surgery and critical care.
Genworks distributes for over 25 medical equipment manufacturers across 500 districts in India providing better quality healthcare to tier 2/3 cities in India. Most distributors in tier 2/3 India are unorganized “mom and pop” shops with limited capabilities and resources to expand. With a strong network, team and more than 50 years of experience, the founders of Genworks have helped the company to become one of the largest medical device distributors in India. Apart from being backed by GE Wipro, the company has also raised funds from Somerset Indus Capital Partners, Evolvence and Morgan Stanley; and now Blacksoil.
Blacksoil’s alternative credit platform has successfully concluded over 90 debt transactions to VC-backed growth companies in the secured credit space by deploying more than Rs 1200 crores in the past 5 years.