Led by Evolvence Fund, GenWorks secures ₹41 Crore in funding, valued at $65 million.

GenWorks, a healthcare company, has raised ₹41 crore, or roughly $5 million, in an investment round headed by Evolvence Fund. Important figures from the Zawawi Group and the Somerset Indus Healthcare Fund also took part 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.

Vital figures from the Zawawi Group, Kasiraman Swaminathan and Ramesh Kumar Sivaraman, contributed ₹26 crore and ₹8.2 crore, respectively, to the Evolvence Fund and Somerset Indus Healthcare Fund. With this latest investment, Somerset Indus Healthcare now owns 4.54% of GenWorks, the Zawawi Group’s senior personnel hold 1.52%, and Evolvence Fund now owns 1.51% of the company.

Wipro GE provided the initial funding for GenWorks, which has since raised over $33 million, including a $17 million investment round headed by Morgan Stanley and Wipro GE in May 2022. Wipro GE is a joint venture between American multinational GE Healthcare and Indian IT behemoth Wipro. In May 2023, BlackSoil provided $4 million to the company as well.

GenWorks, founded by S. Ganesh Prasad, offers medical equipment for a variety of uses, including respiratory diagnostics, cardiology, ENT, IVD, neonatal care, and radiography. Since its founding, the company claims to have impacted the lives of 6 million individuals annually and to have affected over 200 million people in India.

In recent fiscal years, the company, which has been around for ten years, has grown significantly. It reported an operating collection of ₹447 crore for FY23, a 20% increase over FY22 year over year. But in the same time frame, their losses also rose by 46% to ₹44 crore. Financial figures for the most recent fiscal year (FY24) have not yet been made public by GenWorks.