Thursday, 8 August 2024, Bengaluru, India
Genworks is a healthcare service platform that has secured $5 million in its fresh funding round. This round was led by Evolvence Fund and had the participation of other investorsincluding Somerset Indus Healthcare and Zawawi Group. Evolvence Fund led the round with Rs 26 crore followed by Somerset Indus Healthcare Fund with Rs 8.2 crore and the rest of the Rs 8.2 crore came from individual investors.
The board has approved a resolution to allot 5,12,500 CCPS at an issue price of Rs 800 each to raise Rs 41 crore. According to the company filing, the startup will use these fresh proceeds to scale up operations, enhace its services, and market expansion. The startup specializes in offering medical devices for ENT, Cardiology, radiology, and respiratory diagnosis. The company provides a healthcare and medical service platform that uses various technologies to offer its customers medical advice and medical professionals. This investment shows the trust of Evolvence Fund in Genworks’ market potential and business model. The startup data intelligence platform, the kredible mentioned that the company had a post-allotment valuation of 65 million USD.
The startup claims to have reached over 200 million people across India and 6 million lives each year since its inception. After this round, the existing investor Evolvence Fund acquired the 1.51 percent stake, followed by Somerset Indus Healthcare with 4.54 percent, and both the investors of Zawawi Group secured 1.52 percent of the total stake. Genworks has secured over $33 million across multiple rounds to date, including $17 million raised during an investment round led by Wipro GE and Morgan Stanely. The startup started as an invested entity of Wipro GE, a joint venture between American multinational GE Healthcare and an Indian IT major.
The healthcare startup reported a 20 percent YoY growth over FY22 and an operating collection of Rs 447 crore in FY23. However, the company saw a 46 percent increase in losses to Rs 44 crore in the same duration. The firm also secured $4 million from Blacksoil in the funding round. Genworks intends to use this fresh investment to expand to the global market and advance its technology. The development came just when the healthcare sector saw an increased investor interest in the startup ecosystem. The company faces competition from Practo, and Diri Care, among others.
Conclusion:
Genworks is a healthcare startup offering healthcare and medical solutions. The startup got fresh capital of $5 million from Evolvence Fund. The funding round had participation from other investors including Somerset Indus Healthcare and Zawawi Group. The company plans to use this amount to scale up its operations, hire teams for business development, expand its services, and advance its technology. After this round, the existing investor Somerset Indus Healthcare holds the largest external stake with 4.54 percent. The startup claims to have served over 200 million people since its inception. The company’s board approved the resolution to allot 5,12,500 at an issue price of Rs 800 per debenture to raise $5 million.
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