Genworks raised private equity investment from Somerset Indus Capital Partners

GenWorks a health-tech startup spun off by General Electric’s (GE’s) healthcare arm Wipro GE Healthcare, has raised Rs 65 crore from PE firm Somerset Indus Capital Partners for a 30% stake.

GE retains its current 26% stake.

GenWorks, set up primarily to take GE’s healthcare solutions beyond the metros to various tier-2 and 3 locations, provides equipment and technology solutions for radiology, maternal care, infant care, cardiology and surgical care, among others.

GenWorks founder Ganesh Prasad, a former Wipro GE Healthcare executive, said the funding would be used to expand the team, increase reach across districts and launch a new tech platform to connect specialists with patients in remote areas to drive early diagnosis.

“With a view that screening for ailments is more important than treatment, we have created a tech platform in-house over the last couple of years to solve the problem of specialist access in remote areas,” Prasad said.

Prasad owns a majority stake in the firm along with co-founders and former colleagues Balaji RR and Kiran Thadimarri.

GenWorks currently serves around 26 states and over 450 districts across the country, with its range of affordable healthcare products and solutions.

GenWorks has a team of over 350 people including local staff on the ground today, starting with a team of around 60 people in 2015.

Veda Corporate Advisors was the financial advisor to GenWorks.