Wipro GE-Backed GenWorks Valuation Reaches INR 550 Cr

The company raised INR 41 Cr (approximately $5 million) with the investment led by Evolvence Fund and Somerset Indus Healthcare Fund, alongside significant contributions from individual investors linked to the Zawawi Group.

Following a recent funding round, GenWorks Health, a healthcare firm supported by Wipro GE, has achieved a valuation of INR 550 Cr. 

The company raised INR 41 Cr (approximately $5 million) with the investment led by Evolvence Fund and Somerset Indus Healthcare Fund, alongside significant contributions from individual investors linked to the Zawawi Group.

GenWorks Health's board approved the issuance of 5,12,500 Compulsory Convertible Preference Shares (CCPS) at INR 800 each, according to its regulatory filing. 

Evolvence Fund invested INR 26 Cr, Somerset Indus Healthcare Fund contributed INR 8.2 Cr, and Zawawi Group's Kasiraman Swaminathan and Ramesh Kumar Sivaraman invested INR 8.2 Cr collectively.

The valuation of GenWorks Health post-funding is reported to be between INR 540 Cr and INR 550 Cr ($65 million). Evolvence Fund has secured a 1.51% stake in the company, while Somerset Indus Healthcare Fund holds 4.54%, and both Swaminathan and Sivaraman each hold 1.52%.

Historical Investment & Growth

GenWorks, initially established with investment from Wipro GE, has raised over $33 million to date. The company’s previous significant funding rounds include a $17 million investment led by Wipro GE and Morgan Stanley in May 2022. 

Additionally, the company received $4 million from BlackSoil in May 2023.

Founded by S GaneshPrasad, GenWorks provides a range of medical devices across various fields, including Cardiology, ENT, IVD, newborn care, radiology, and respiratory diagnosis. 

According to the company’s website, GenWorks has impacted over 200 million people in India since its inception and continues to reach around 6 million lives annually.

In the fiscal year 2022-23, GenWorks reported an operating revenue of INR 447 Cr, reflecting a 20% increase from the previous fiscal year. 

Despite this growth, the company's losses rose by 46% to INR 44 Cr. GenWorks has yet to release its financial results for the fiscal year 2023-24.

The funding boost aligns with GenWorks' ongoing expansion and its efforts to enhance healthcare delivery through its diverse medical technology offerings.