GenWorks Health raises Rs 135 Cr from Morgan Stanley, Wipro GE and others
- ByStartupStory | May 5, 2022
GenWorks Health in its second round of funding has secured Rs 135 crore from an association of investors which includes Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence & Wipro GE.
This healthcare startup is now aiming to increase its revenues to double by FY 23 and the funding would be utilized to cover capital needs, relevant M&A to invest in manufacturing partnerships and extension in the area pf in-vitro diagnostics.
The founder, MD & CEO, S Ganesh Prasad said that the goal of GenWorks has been very clear towards bringing public awareness for affordable healthcare. This journey began in 2015 in the field of Mothe and Child Care, Critical Care & Cardiology, Radiology and Hospital Solutions. He also added about the initial days when only 160 people were there present in 30 locations with GE as the primary technology partner.
At present, the company has over 500 people across 130 locations with a strategy to solve care cycle needs in almost every area as a part of the endeavour. Technology has always been the vanguard in this healthcare transformation from healthcare delivery, ICU care disruption, urgent care or home care all the way to bringing competence in supply chain excellence. It is a startup in the Indian healthcare industry which is dedicated to enhancing healthcare access in India. It was a Wipro GE invested company aimed at solving three fundamental challenges in Healthcare which is Access, Affordability and Adoption.
VS Raghavendra Rao the CEO of GE Healthcare, South Asia said that Investment in GenWorks is a testimony to tier promise of bridging the treatment gap and improving care delivery across India. And with the wide spectrum of Wipro GE products, healthcare providers have a great opportunity to provide quality healthcare across India, he added.
Further, Ramesh Kannan the partner of Somerset Indus Capital said that GenWorks has been a revolutionary brand in the healthcare sector which brought technology across areas to a large customer base. He also said that with the wonderful tea and desirable partnerships, GenWorks is the future of healthcare because it provides both bundlings of products with offering operating models which is no doubt a perfect combination.
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