Indian fintech firm BlackSoil invests $4mn in GenWorks Health to boost affordable healthcare access

• ByStartupStory     |    May 9, 2023

GenWorks Health, a prominent medical technology company in India, has received a $4M investment from Mumbai-based alternative credit platform BlackSoil. The investment, which is in line with BlackSoil’s pledge to invest in the healthcare industry, is anticipated to aid GenWorks Health’s expansion and progress while also propelling the development of cutting-edge healthcare solutions.

GenWorks Health is a medical technology company that distributes medical devices and consumables throughout India, serving over 40,000 customers across more than 700 districts in the country. Its product portfolio covers the complete care cycle of patients, from screening to monitoring, with a focus on utilizing innovative technology to enhance healthcare outcomes.

S Ganeshprasad, Founder, Managing Director, and CEO of Genworks, stated that “the company is delighted to partner with Blacksoil and have them as an investor. He added that the funding will support their expansion plans, enable them to increase their customer base, and ensure they have the necessary infrastructure such as equipment, software, technology, and staff to provide their healthcare services effectively”.

The investment from BlackSoil is set to accelerate GenWorks Health’s growth as a top player in the medical tech sector, alongside other investors such as Somerset Indus Capital Partners, Evolvence, and Morgan Stanley. The move is anticipated to drive the company’s mission of expanding access to affordable healthcare solutions throughout India.

Ankur Bansal, Co-founder of BlackSoil Capital, expressed confidence in the transformative potential of healthcare technology and the growth potential of GenWorks Health as a recipient of their investment. Bansal believes that through the partnership, BlackSoil can use its resources and expertise to make a positive impact on the healthcare industry and enhance the quality of life for many people.

Ankur Bansal, Co-founder of BlackSoil Capital, expressed confidence “in the transformative potential of healthcare technology and the growth potential of GenWorks Health as a recipient of their investment. Bansal believes that through the partnership, BlackSoil can use its resources and expertise to make a positive impact on the healthcare industry and enhance the quality of life for many people”.

The investment from BlackSoil will aid GenWorks Health in providing high-quality healthcare to underserved regions and contribute to improving healthcare accessibility and affordability in tier-II/III cities throughout India.

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