PE Fund Investments
GenWorks Health raises Rs.135-Cr from Somerset, Morgan Stanley, Evolvence & Wipro GE
Bangalore-based medical devices distribution company GenWorks has raised a second round of funding of INR 135 crore from Somerset Indus Capital Partners, Morgan Stanley (via its unit Grand Vista), Evolvence and Wipro GE. GenWorks, which aims to double revenues in FY23, will use the new funding to cover working capital needs, relevant M&A to invest in manufacturing partnerships, and expansion in the area of in-vitro diagnostics. In addition, the new funds would be deployed towards building ‘'Human Capital'' to enable the rapid growth and build ‘'Platform Participation''.
From the Venture Intelligence PE-VC Deal Database: In Jun-2019, GenWorks had received a commitment of INR 65 Cr from Somerset Indus Capital Partners. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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