GenWorks, a startup in the Indian healthcare industry, has secured a second round of funding to the tune of INR 135 Cr. The consortium of investors who partook in this round were Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence and Wipro GE.
GenWorks aims to double revenues in FY 23 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’’.
Addressing his vision, 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. Technology is at the forefront in this healthcare transformation from healthcare delivery, be it ICU care disruption, urgent care or home care all the way to bringing efficiency in supply chain and commercial excellence.”
He further added on his 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.’’
‘Defining tomorrow, today’ is our way to ask ourselves what we have to do and think about the unserved or underserved areas. It is time to execute at speed as the need is well understood and we are ahead of others, having envisioned the change to create GenWorks as the solution for Affordable Access,’’ Prasad mentioned.
The fragmented Healthcare system has been under pressure, amplified by the Covid Pandemic. Chronic care and elective surgeries took a beating, bringing upon the realization of the need to reorganize delivery. The need for better primary healthcare, not just to screen and diagnose but to stage treatment and effectively intervene, is evident. It is necessary that chronic care is moved to where the patient is or to a neighborhood healthcare facility. The GenWorks initiative seeks to move health care to the Point of Care.
Speaking on the investment, Ramesh Kannan, Partner, Somerset Indus Capital Partners said, ‘’GenWorks is revolutionizing healthcare by bringing technology and enabling digital/connected care across areas, to a large customer base. With an amazing team and enviable partnerships, GenWorks is the future of healthcare as it combines bundling of products and offering operating models, which is a perfect combination.’’
“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,’’ adds Kannan.
VS Raghavendra Rao, CCO GE Healthcare, South Asia said, “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 2 and tier 3 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. With the broad spectrum of Wipro GE healthcare products, the healthcare providers have a strong opportunity to build a robust portfolio and provide quality healthcare across all of India.’’