The funding will be leveraged to cover working capital needs, relevant M&A to invest in manufacturing partnerships
Bengaluru-based startup GenWorks has raised a second round of funding to the tune of Rs 135 crore from investors such as Somerset Indus Capital Partners, Morgan Stanley through its funding arm Grand Vista, Evolvence and Wipro GE.
GenWorks said it aims to double revenues in FY23 and the funding will be leveraged to cover working capital needs, relevant 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’’.
S Ganesh Prasad, Founder, MD and 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 endeavour to support affordable access through 500+ people in over 130 locations.”
