Debt

Debt Financing

Medical device distributor Genworks raises Rs.15-Cr from Blacksoil

MyBigPlunge  

Genworks, a medical device distributor, has raised INR 15 crore from Blacksoil. The debt funding will be used for meeting the working capital requirements and expanding the company's newly acquired in-vitro diagnostics segment of IRIS Healthcare. The acquisition complements and accelerates the current in-vitro diagnostics segment of Genworks and improves its geographical footprint. Genworks, which started as a medical equipment distributor for GE Wipro in tier 2/3 India, has tied up with various OEMs and has expanded its product portfolio to cover the entire “care cycle” of a patient from screening to diagnosis to treatment and monitoring. The company also provides software solutions and interpretation services as well as related maintenance, repair and installation services in the area of maternal and infant care, women's health, cardiology, oncology, in-vitro diagnostics, radiology, surgery and critical care. It claims to distribute for over 25 medical equipment manufacturers across 500 districts.