Kites Senior Care Thursday said it has raised Rs 45 crore in Series A round from Ranjan Pai’s Manipal Education and Medical Group (MEMG) Family Office Fund, a year after the startup secured $2 million (Rs 16.6 crore) from him.
The company is also raising around Rs 20 crore in debt from other existing investors for the current round of expansion, it told VCCircle.
Kites, which focuses on providing out of hospital geriatric care, plans to use the funds to increase its capacity by threefold to nearly 1,098 beds and to expand to Pune, Cochin and Coimbatore in the next 15 months, said Rajagopal G, co-founder and chief executive officer.
“This funding will fuel our expansion efforts, allowing us to reach more seniors in need of specialised care while fortifying our position as a leader in the geriatric care sector,” he said.
"We have closely observed Kites deliver the promised plan and build solid foundations of a scalable growth model,” Pai said. “This has encouraged us to commit further capital to grow the business to the next stage.”
Kites, which is run by Lifebridge Senior Care P Ltd, operates and manages healthcare facilities in Bengaluru, Hyderabad and Chennai. It covers both pre and post hospitalisation rehab care, palliative care and dementia care. It was launched in February 2016.
The company is also planning to foray into ‘senior living’, a concept similar to retirement homes in the near future, Rajagopal said.
While the company has not roped in new investors for the current round despite receiving interest, it will evaluate raising more capital in the near future, it told VCCircle.
The senior care space has seen a lot of interest from investors in the last few months. Elder care platform Age Care Labs raised $11 million in its pre-Series B round from Zerodha’s Rainmatter Capital and Gruhas. Also, Max India is reportedly in talks to sell stake in Antara Assisted Living to private equity players.
