Alternative credit platform BlackSoil has announced an investment of $4 million in GenWorks Health Private Ltd, a medical technology company. This is part of BlackSoil’s commitment to investing in the healthcare sector.
The MedTech company helps distribute medical devices and consumables throughout the country and has served over 40,000 customers in more than 700 districts across the country. With a focus on enhancing healthcare outcomes through the application of innovative technology, the company has broadened its product portfolio to encompass the entire care cycle of patients, including screening, diagnosis, treatment and monitoring.
Expansion activities
“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,” said S Ganeshprasad, Founder, Managing Director, and CEO, Genworks.
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The investment is expected to further fuel the company’s growth and development as a leader in the medical technology industry by making healthcare more affordable and accessible in Tier II and III cities, according to a company’s press release.
The MedTech company also has investors, including Somerset Indus Capital Partners, Evolvence and Morgan Stanley.
“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.