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Senior care a growing industry with many hurdles to cross: stakeholders

Economic Times

Economic Times · 8m ago

Senior care a growing industry with many hurdles to cross: stakeholders

The senior living industry in India is still in its early stages, but with one in four Indians projected to be a senior citizen by 2050, there is a growing demand for solutions for the elderly. Currently, there are less than 100 companies providing senior care in the country, while an estimated 1.8 million units are required. Stakeholders in the industry are looking to the government for policy relief, including streamlining agency responsibilities and improving the reverse mortgage policy. Venture capital investors are also interested in transformative ideas for the sector, while real estate developers are exploring innovative financial models for senior care.

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View investment in senior care ventures as long-term, says Zerodha’s Nithin Kamath

Economic Times

Economic Times · 8m ago

View investment in senior care ventures as long-term, says Zerodha’s Nithin Kamath

Zerodha CEO, Nithin Kamath, highlighted the importance of long-term thinking in senior care ventures, emphasizing that entrepreneurs should focus on steady growth rather than rapid scaling. Kamath stressed the need to bring attention to and remove social stigma around senior care. He also discussed the growing opportunity in India's senior living sector, as life expectancy is projected to rise. Kamath shared a personal experience of seeing the decline in his father's health and expressed the benefits of a senior living setup. The senior living housing sector in India is projected to grow significantly by 2030.

Elderly care startup Kites Senior Care raises Rs 45Cr in funding from Ranjan Pai

IndianStartupNews

IndianStartupNews · 1y ago

Elderly care startup Kites Senior Care raises Rs 45Cr in funding from Ranjan Pai

Kites Senior Care, a geriatric care services provider, has raised INR 45 crore in Series A funding led by Ranjan Pai, chairman of Manipal Education and Medical Group. The company plans to use the funds to expand its operations in Bengaluru, Hyderabad, Chennai, and three new cities in Southern India. Kites Senior Care's expansion strategy includes investing a total of INR 65 crore to increase its bed capacity, workforce, and revenue projections. The startup also aims to enhance its technological capabilities, leveraging wearable technology for enhanced care. The geriatric care market in India is growing rapidly, driven by the needs of the ageing population.

CPC to merge with KITES Senior Care to offer service for the elderly

YourStory

YourStory · 1y ago

CPC to merge with KITES Senior Care to offer service for the elderly

Columbia Pacific Communities (CPC) has merged with KITES Senior Care to provide a comprehensive service for the elderly. The merger aims to combine medical expertise and extensive experience to transform the landscape of senior living and medical care in India. Over the next two years, the companies plan to add 2,000 retirement and assisted living units and integrate their existing facilities to create a comprehensive continuing care retirement community. KITES Senior Care specializes in post-hospitalization rehabilitation, palliative care, and dementia care and plans to expand in six Southern Indian cities.

Grapevine: Pristyn Care sees staff exits; Namdhari’s Group to sell retail arm

VCCircle

VCCircle · 5m ago

Grapevine: Pristyn Care sees staff exits; Namdhari’s Group to sell retail arm

Pristyn Care, a health-tech unicorn backed by Peak XV Partners, has experienced significant staff turnover, with several senior executives, including SVP of Finance Prabhat Agarwal, departing. Additionally, the company has laid off many junior and mid-level employees as a cost-cutting measure. Concurrently, Namdhari's Group is planning to sell its retail arm, although specific details regarding this move remain undisclosed. These changes reflect shifting strategies within both organizations.

Bare Anatomy parent Innovist raises Rs 136 crore from ICICI Venture, others

Economic Times

Economic Times · 4m ago

Bare Anatomy parent Innovist raises Rs 136 crore from ICICI Venture, others

Innovist, the parent company of brands like Bare Anatomy, raised Rs 136 crore in a funding round led by ICICI Venture, with participation from Mirabilis Investment Trust and others. Accel Ventures fully exited the company through this round. The funds will support product innovation, market expansion, and team building. Innovist, rebranded from Onesto Labs, is among the fastest-growing beauty and personal care companies, with projections to cross Rs 300 crore in revenue by FY25.

Japan’s Sumitomo explores flying into Indian airport sector

VCCircle

VCCircle · 11m ago

Japan’s Sumitomo explores flying into Indian airport sector

Japanese conglomerate Sumitomo Corp is reportedly considering entering the Indian aviation sector by acquiring a stake in a privately managed airport. Executives from Sumitomo have held initial discussions with stakeholders in the Indian aviation industry. This move signifies the interest of international companies in participating in India's growing airport infrastructure.

What sparked a revolution now struggles for traction: Ola's cautionary tale

Economic Times

Economic Times · 25d ago

What sparked a revolution now struggles for traction: Ola's cautionary tale

Ola Electric, once a key player in India's electric two-wheeler market, is encountering significant challenges including financial losses, regulatory issues, and decreasing market share. Despite setbacks, Ola achieved a milestone of becoming EBITDA positive and reported improved operational metrics. However, regulatory actions in Maharashtra and nationwide FAME-II subsidy crackdowns have affected the industry broadly, impacting Ola's market positioning. Overcoming current hurdles requires enhanced compliance, customer care, and quality focus to regain its leading status.

Kites Senior Care raises Rs 45 Cr in Series A round

Entrackr

Entrackr · 1y ago

Kites Senior Care raises Rs 45 Cr in Series A round

Agetech startup Kites Senior Care has raised Rs 45 crore ($5.4 million) in its Series A round led by Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG) through his family office. Previously in January 2023, Kites had raised Rs 14 crore in a pre-series A round from Ranjan Pai. The proceeds will be used to deepen its presence in cities like Bengaluru, Hyderabad, Chennai, while also facilitating expansion into three additional cities across Southern India, the company said in a press release. Founded in 2016 by Rajagopal and Reema, Kites Senior Care specialises in a range of geriatric services including post-operative and post-hospitalisation rehabilitative care, palliative care, dementia care, and respite care, both within care facilities and at the residences of senior citizens. Currently, the startup has a team of 400 care professionals, which is expected to grow to over 1,500. Further, the Bengaluru-based firm has plans to use the newly raised capital to augment its bed capacity to over 1,000 within the next six quarters, up from the current number of 340. Also, it aims to complete the pilot expansion of its tech platform ‘seniorshield,’ leveraging wearable technology from Titan Fastrack. Besides Kites Senior Care, Samarth Life, Age Care Labs, Goodfellows, KareWise, SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness and GenWise also operate in the agetech space.

Decoding SaaS: 25 Essential Terms Every Founder Must Know

Inc42 · 1y ago

Decoding SaaS: 25 Essential Terms Every Founder Must Know

Inc42 has partnered with LogiNext, a logistics SaaS company, to create a SaaS glossary that helps users understand the jargon and terminology of the SaaS industry. The Indian SaaS ecosystem has great potential for growth, with projections of generating $50 Bn - $70 Bn in revenue and $500 Bn in enterprise value by 2030. The glossary covers key terms such as Annual Recurring Revenue (ARR), Customer Lifetime Value (CLTV), Customer Segmentation, and many more. Understanding these terms can help founders, stakeholders, and journalists navigate the SaaS industry more effectively.

InvAscent leads $13 Mn round in Geri Care Health Services

Entrackr

Entrackr · 6m ago

InvAscent leads $13 Mn round in Geri Care Health Services

Snippets InvAscent leads $13 Mn round in Geri Care Health Services The fresh funds will be utilized to expand its services across key cities in Southern India, including Bengaluru, Hyderabad, Kochi, and Coimbatore, Geri Care said in a press release. Geri Care Health Services, an integrated senior citizen-focused healthcare services provider, has raised Rs 110 crore ($13 million) in a funding round led by InvAscent, investing through its India Life Sciences Fund IV (ILSF IV) for a minority stake in the company in its first institutional fundraise. Founded in 2018 by Lakshmipathy Ramesh, Geri Care offers a comprehensive 360-degree continuum care model for senior citizens, with a network of multi-specialty hospitals, assisted living centers, home care, and clinics exclusively for senior citizens. According to the Chennai-based company, it is also introducing first-of-its-kind specialty centers of excellence in geriatric oncology, geriatric urology, geriatric cardiology, and ortho-geriatrics through its chain of multi-specialty hospitals exclusively for elders. Geri Care claims to serve tens of thousands of elders in South India, particularly in Chennai. InvAscent is a life sciences private equity firm managing an AUM of over $800 million, with investments in over 35 companies across the pharma, healthcare delivery, medical devices, animal health, nutraceuticals, and healthtech industries.

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