Elder care platform Age Care Labs has raised $11 Mn from fintech unicorn Zerodha’s investment arm Rainmatter Capital and Gruhas in a pre-Series B round.
The round also saw participation from angel investors, including Everstone Capital’s Alok Oberoi, former chief executive of Aditya Birla Capital Ajay Srinivasan, president of Asia Pacific at Mastercard Ari Sarker, and Bharti enterprise managing director Rajesh Sud.
The startup plans to use the freshly infused funds to expand its presence in the country, and for product development and tech innovation, it said in a statement.
Lumis Partners launched Age Care Labs in 2019 under the leadership of Saumyajit Roy to offer a comprehensive bouquet of benefits across health, engagement, and emergency support to elders across India under its Emoha brand.
Lumis Partners is an alternative asset platform that partners entrepreneurs and fund managers to build category-shaping businesses and funds in select pre-sunrise segments.
In 2021, Age Care Labs also acquired Epoch Elder Care which offers elder care homes focused on assisted living and dementia care.
Commenting on the funding, Roy said, “The funds specifically are being used for expanding deeper across different parts of the country (including the eastern and western parts) on the Epoch side, as well as to be able to expand the depth and width for Emoha,” he added.
Adding to this, Rainmatter Capital’s cofounder Nikhil Kamath said, “With shifting demographics, the importance of providing comfortable and comprehensive care for our elders cannot be overstated. This is not just a smart investment, it’s a compassionate one that aligns with the changing dynamics of our society,”
Age Care Labs claims to have a presence across 120 towns and cities in North India. It majorly relies on partnerships to remain asset light. Epoch leases properties for rehabilitation and onboards service providers for chronic conditions, basic nursing care, etc.
“The idea as we expand is also to become lighter, which means that we take the service to other real estate players or other retirement communities and plugin as a service provider,” said Epoch’s cofounder and CEO Sinha.
In the elder care segment, the startup competes with Ratan Tata-backed Goodfellows, and other startups, including 60Plus India, Alserv, among others.
As per a GreyViews study, India’s elderly care services market size was valued at $0.06 Bn in 2022 and is expected to reach $0.10 Bn by 2030 at a CAGR of 7.8% from 2023 to 2030.
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