Medtech startup GenWorks Health raises $17.6M in funding led by Somerset, Morgan Stanley, others

Bengaluru-based GenWorks Health, a medtech startup aimed at improving healthcare access in India, today said it has raised Rs 135 crore (about $17.6 million) in a funding round led by Somerset Indus Capital Partners, Morgan Stanley, through its funding arm Grand Vista, Evolvence and Wipro GE.

GenWorks Health was originally a Wipro GE invested company with an aim to create a platform for solving the three fundamental challenges in healthcare - Access, Affordability, and Adoption of medical services in the country.

GenWorks was conceived to bridge the gap of inadequacies in the healthcare sector by leveraging its close association with GE Healthcare, whose vision is 'At work for a healthier India'.

The company aims to make quality care available across the country. GenWorks says it is dedicated to building awareness by leveraging the available technology and providing affordable solutions across geographies through its state-of-the-art digital solutions, with a focus on improving specialist access for the last mile.

With this round of funding, The Bengaluru-based startup will focus on covering working capital needs, relevant merger & acquisition (M&A) to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics.

In addition, the freshly infused funds would also be deployed towards building ‘’Human Capital’’ to enable the rapid growth and build ‘’Platform Participation’, the statement said.

Speaking on the development, S Ganesh Prasad, Founder, MD & 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 endeavor to support affordable access through over 500 people in over 130 locations," said Prasad.

“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," he adds.

Speaking on the investment, Ramesh Kannan, Partner, Somerset Indus Capital Partners, said: “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."

In July last year, GenWorks had raised Rs 15 crore in debt financing from Blacksoil Capital. The healthtech segment is expected to grow at a CAGR of 39% to touch $5 billion by 2023, according to a report released last year by transaction advisory firm RBSA Advisors that cited research done by the Internet and Mobile Association of India (IAMAI) and Praxis Global Alliance. 

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