BlackSoil Invests $4 Million In GenWorks Health To Boost Access To Affordable Healthcare

Mumbai-based alternative credit platform, BlackSoil Capital, announced an investment of $4 million in GenWorks Health Pvt.—a leading medical technology company based in Bengaluru.

The investment is part of BlackSoil’s commitment to investing in the healthcare sector. It is expected to support GenWorks Health’s growth and development, while contributing to the advancement of innovative healthcare solutions.

GenWorks Health helps distribute medical devices and consumables throughout India. The company has a pan-India presence 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.

"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 chief executive officer at GenWorks.

BlackSoil’s investment in GenWorks Health is expected to further fuel the company’s growth and development as a leader in the medical technology industry. With other investors, including Somerset Indus Capital Partners, Evolvence, and Morgan Stanley, GenWorks Health is looking to make healthcare more accessible and affordable 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," said Ankur Bansal, co-founder of BlackSoil Capital. "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."

The investment will support GenWorks Health’s efforts to provide high quality healthcare to underserved areas and contribute to making healthcare more affordable and accessible in Tier-II and Tier-III cities across the country.

The investment comes at a time when the healthcare infrastructure in India offers enormous potential for improvement and growth. The unique challenges in the Indian healthcare system—from affordability to accessibility to quality—coupled with disease burdens and frequent disruptions warrant the need for advancements in the industry. This also presents an opportunity for integrating technologies and innovations in creating connected care solutions and their distribution, especially in Tier-II and Tier-III cities.

Healthcare penetration in Tier-II and Tier-III areas has historically been low, and people have had to look to bigger cities for quality medical care, increasing pressure on them. Post-Covid, the need to beat the barriers to health services is increasingly being felt, and Tier-II and Tier-III towns are witnessing a healthcare revolution of sorts.

This has led to rising investments in healthtech businesses as private stakeholders take growing ownership of medical infrastructure. As the healthcare ecosystem transforms and both demand and spending increase, startups and medical technology companies like GenWorks Health are poised to play a crucial role in providing quality, affordable, and equitable medical care across geographies.