Mumbai-based alternative credit platform BlackSoil has announced an investment of $4M in GenWorks Health, a leading medical technology company based in India. The investment is part of BlackSoil’s commitment to investing in the healthcare industry. It is expected to help in the growth and development of GenWorks Health and advance innovative healthcare solutions.
In India, GenWorks Health helps distribute medical supplies and equipment. The company operates across India and has served over 40,000 customers in over 700 districts.
With a focus on increasing healthcare outcomes through innovative technology, the company has expanded its product portfolio to cover the whole care cycle of patients, including screening, diagnosis, treatment, and monitoring.
“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, as well as help us maintain a robust infrastructure, such as equipment, software, technology, and staffing, to support the delivery of our healthcare services,” said S Ganeshprasad, Founder, Managing Director, and CEO, Genworks.
BlackSoil’s investment in GenWorks Health is expected to boost the company’s growth and leadership position in the medical technology sector. With the help of other investors, including Somerset Indus Capital Partners, Evolvence, and Morgan Stanley, GenWorks Health is well-positioned to increase the affordability and accessibility of healthcare across India.
“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,” said Ankur Bansal, Co-founder of BlackSoil Capital.
The investment will help GenWorks Health’s efforts to deliver high-quality healthcare to underprivileged areas and help tier-II/III cities across the country make healthcare more accessible and affordable.