News on Medial

Primus Senior Living raises $20 Mn in seed funding led by General Catalyst

Entrackr · 8m ago

Medial

Elder care startup Primus Senior Living has raised $20 million in a seed funding round led by General Catalyst, with participation from Zerodha co-founder Nikhil Kamath and Gruhas, the investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group. This is one of the largest seed funding rounds for an Indian startup in 2024. Notable mentions include the blockchain startup Avail, which raised $27 million, and Mukesh Bansal’s new venture, Lyskraft, which secured $26 million. Additionally, generative AI startups EMA and Nesya raised $25 million and $20 million, respectively. Wealthtech startup Centricity also raised $20 million, marking significant funding activity in the seed stage this year. Bengaluru-based Primus Senior Living is developing a comprehensive eldercare platform that offers a range of services, including healthcare, wellness, lifestyle, and social engagement, all tailored for seniors in their homes. Primus is also building intergenerational communities where people of all ages can live, connect, and thrive together, creating environments that foster meaningful relationships and cater to the evolving needs of seniors. Currently, it operates a community of 500 homes designed for seniors to purchase, allowing them to live in a supportive environment while accessing additional services. With the recent funding, Primus aims to expand its services and deliver 3,500 homes across six cities, significantly increasing its impact in the eldercare sector. The senior living market in India is currently estimated to be valued at $2 to $3 billion. It is projected to experience a compound annual growth rate (CAGR) exceeding 30%, potentially reaching around $12 billion by 2030. According to data from TheKredible, 2023 saw limited funding with Age Care Labs, Athulya, Genwise and Kites Senior raising $11 million, $9.3 million, $3.5 million and $2 million, respectively. However, in the current calendar year, Kites Senior raised an additional $5.4 million, Khyaal secured $4.2 million, and Samarth Life brought in $1.4 million. This brings the total funds raised in this space to over $30 million so far, indicating a growing interest in senior care despite previous funding challenges.