Chennai-based geriatric care firm Athulya Assisted Living Pvt. Ltd. has raised Rs 77 crore ($9.3 million) from North Haven India Infrastructure Partners, a fund managed by Morgan Stanley India Infrastructure.
The development was first reported by VCCircle last week.
Currently managing over 400 assisted living beds across multiple facilities in Chennai and Bengaluru, Athulya aims to expand its services across southern India to reach over 2,500 beds.
The startup claims to have served over 15,000 senior citizens since its inception, offering nursing care, doctor visits, physiotherapy, rehabilitation, blood sample collection, ICU setup at home, and bringing the entire gamut of healthcare services to the doorstep. It aims to serve over 50,000 seniors in the next two years.
“This investment will help Athulya to focus on talent acquisition, infrastructure development and skill training, thereby creating direct and indirect employment opportunities for around 2000 people across the country,” said Srinivasan G, Founder, CEO, Athulya Senior Care.
Founder and managing director, Dr Karthik Narayan added the investment will support expansion and help us establish new facilities in multiple cities.
Founded in July 2014 as Healthabove60, offering only home healthcare services, the company was renamed Athulya Assisted Living after adding a senior living rental model in 2017.
As for the sole investor of the round, North Haven India Infrastructure Fund - focused on asset-light infrastructure assets - invests in sectors such as energy, utilities, mobility, logistics, social infrastructure and healthcare. Some of the fund’s previous bets include pallet pooling firm Leap India, waste management and recycling startup Recykal, and iBus Network and Infrastructure.
The India geriatric care services market is estimated to be valued at $25.7 billion in 2021 and is expected to exhibit a CAGR (compound annual growth rate) of 7.0% over the forecast period (2021-2028). The increasing geriatric population in India is expected to drive the growth of the market over the forecast period, Coherent Market Insights stated.
