BlackSoil Invests $4 Million In Medtech Firm Genworks Health
Genworks Health, a medtech startup, has raised $4 million in a funding round led by BlackSoil Capital.
As per the startup, the freshly raised funds will be used to scale the company’s operations and expand its product offerings in the medtech space.
Genworks Health | Medical Devices and Consumables
Founded by S Ganesh Prasad, Genworks Health helps distribute medical devices and consumables throughout the country. Its product portfolio includes screening, diagnosis, treatment and monitoring.
The medtech startup claims to have served over 40,000 customers in more than 700 districts across the country.
Speaking about the development, S Ganesh Prasad, Founder, Managing Director, and CEO of Genworks, said,
“We are pleased to tie up with Blacksoil and have them as our partner. Their funding will aid our expansion activities, grow the customer base, and help us maintain a robust infrastructure, such as equipment, software, technology, and staffing, to support the delivery of our healthcare services.”
The funding from BlackSoil Capital will provide Genworks Health with the necessary resources to accelerate its growth plans. It plans to expand its product offerings and reach out to more healthcare providers across the country.
In 2021, Genworks raised $2 million in debt funding from Blacksoil Capital. Last year, the medtech startup raised Rs 135 crore in funding from Somerset Indus Capital Partners, Morgan Stanley, through its funding arm Grand Vista, Evolvence and Wipro GE.
BlackSoil Capital, a Mumbai-based alternative asset management firm, has been actively investing in startups across various sectors in India. The firm has a keen interest in the healthcare sector and has previously invested in other medtech startups such as Medall Healthcare and Meddo.
Commenting on the development, Ankur Bansal, Co-founder of BlackSoil Capital, said,
“Our investment in Genwork Healthcare is not only a testament to their potential for growth but also to our belief in the transformative power of healthcare technology. By leveraging our expertise and resources, we are confident that together we can make a positive impact on the healthcare industry and improve the lives of countless individuals.”
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