GenWorks, a leading Indian healthcare firm, has successfully raised Rs 41 crore (approximately USD 5 million) in a recent funding round. The round was spearheaded by Evolvence Fund, with additional contributions from Somerset Indus Healthcare Fund and key individuals from the Zawawi Group.
Investment Details and Stake Acquisitions
The funding round involved the issuance of 5,12,500 Compulsory Convertible Preference Shares (CCPS), each valued at Rs 100 with an additional premium of Rs 700. Evolvence Fund led the investment by contributing Rs 24.6 crore, securing a 1.51% stake in the company. Somerset Indus Healthcare Fund followed with an investment of Rs 8.2 crore, which translates to a 4.54% stake.
Prominent investors Kasiraman Swaminathan and Ramesh Kumar Sivaraman also participated, investing Rs 6.1 crore and Rs 2 crore, respectively. These investments reflect their strong confidence in GenWorks’ mission and potential, with both investors acquiring a combined 1.52% stake in the company.
GenWorks’ Vision and Impact
Founded by S GaneshPrasad, GenWorks focuses on addressing the critical challenges of healthcare access, affordability, and adoption across India. The company offers a comprehensive range of medical devices, including those for cardiology, ENT, in-vitro diagnostics (IVD), newborn care, radiology, and respiratory diagnosis.
Since its inception, GenWorks has made a significant impact, reaching over 200 million people in India. The company continues to grow its influence, with its services touching the lives of 6 million people annually, according to its website.
Strategic Goals and Future Plans
With the recent influx of funds, GenWorks is poised to further its mission of transforming healthcare in India. The company aims to leverage its platform to drive substantial improvements in healthcare delivery, focusing on making quality healthcare more accessible and affordable for all.
Backed initially by Wipro GE, GenWorks has consistently worked towards creating a robust healthcare ecosystem that bridges the gap between technology and medical services. The latest investment round will enable the company to accelerate its efforts and expand its reach across the country.
GenWorks’ successful funding round led by Evolvence Fund marks a significant milestone in its journey to revolutionize healthcare in India. With the new capital, the company is well-positioned to enhance its offerings and continue making a positive impact on millions of lives across the nation.
