Healthcare firm GenWorks has secured ₹41 crore (approximately $5 million) in a funding round led by Evolvence Fund. Somerset Indus Healthcare Fund and key individuals from the Zawawi Group also participated in the round.
The board of GenWorks Health has approved a special resolution to issue 5,12,500 Compulsorily Convertible Preference Shares (CCPS) at ₹800 each to raise this amount, as indicated in its regulatory filing with the Registrar of Companies.
Evolvence Fund and Somerset Indus Healthcare Fund contributed ₹26 crore and ₹8.2 crore, respectively, while Kasiraman Swaminathan and Ramesh Kumar Sivaraman, key individuals from the Zawawi Group, invested a combined ₹8.2 crore. With this new investment, Evolvence Fund now holds a 1.51% stake in GenWorks, Somerset Indus Healthcare holds 4.54%, and the key personnel from the Zawawi Group hold 1.52%.
Originally funded by Wipro GE, GenWorks has raised over $33 million to date, including a $17 million investment round led by Wipro GE and Morgan Stanley in May 2022. Wipro GE is a joint venture between Indian IT major Wipro and American multinational GE Healthcare. The company also secured $4 million from BlackSoil in May 2023.
Founded by S. Ganesh Prasad, GenWorks provides medical devices for cardiology, ENT, IVD, newborn care, radiology, and respiratory diagnosis, among others. The company claims to have reached over 200 million people in India since its inception and impacts 6 million lives annually.
The decade-old company has experienced significant growth in recent fiscal years. For FY23, it reported an operating collection of ₹447 crore, marking a 20% year-on-year growth compared to FY22. However, its losses also increased by 46% to ₹44 crore during the same period. GenWorks has yet to release its financial results for the last fiscal year (FY24).
