GenWorks Health, a top health care entity, announced that its valuation crossed the Rs 550 crore, almost $65 million, mark following another successful fund-raising round of Rs 41 crore, around $5 million. Evolvence Fund led the funding round with participation from Somerset Indus Healthcare Fund and high-end individuals from the Zawawi Group.
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This Bengaluru-based company has grown exponentially since its inception and carved a niche in the development of innovative medical devices across several specialties such as Cardiology, IVD, newborn care, ENT, and Radiology. Founded by S GaneshPrasad, GenWorks has taken great leaps in healthcare and impacted more than 200 million people across the country, touching close to 6 million lives yearly.
The latest round of funding involved the issuance of 5,12,500 CCPS at an issue price of Rs 800 each. Evolvence Fund invested Rs 26 crore, while Somerset Indus Healthcare Fund invested 8.2 crore and Zawawi Group’s key personnel Kasiraman Swaminathan and Ramesh Kumar Sivaraman collectively invested Rs 8.2 crore. This strategic investment has seen Evolvence Fund pick up a 1.51 percent stake in GenWorks, while Somerset Indus Healthcare and Zawawi Group personnel hold 4.54 percent and 1.52 percent stakes, respectively.
Wipro GE-backed GenWorks has raised more than US$33 million so far. Some of the major ones include a US$17 million round by Wipro GE and Morgan Stanley in May 2022, and the other US$4 million by BlackSoil in May 2023. Wipro GE itself is a joint venture between the Indian IT bellwether Wipro and the American multinational GE Healthcare, pointing to the very strong backing for GenWorks right from its inception.
The company has shown strong financial performance at the back of its operating collection that touched Rs 447 crore in FY23, recording 20% YoY growth. All this growth has come at the cost of rising losses, though, which increased 46% to Rs 44 crore for the same period. Notwithstanding these issues, GenWorks continues with its market expansion in healthcare, driven by innovation and quality philosophy.
The strategic investments and the partnership that follow have built a reputation to reckon with for GenWorks in health care. Along with this comes the center of attention towards cutting-edge medical solutions, attracting moolah of investments—these are all telltale signs of its future growth and success.
As GenWorks continues to grow in itself, so will its impact on the healthcare landscape, thus solidifying its position as an industry leader. With a great base and vision, GenWorks works toward making serious contributions to healthcare advancements in the country and beyond.
