KITES Senior Care, a provider of out-of-hospital geriatric care services, has raised ₹65 crore in Series A funding round, ₹45 crore of which came from Ranjan Pai’s Manipal Education and Medical Group (MEMG) Family Office Fund.
With the capital infusion, KITES Senior Care plans to deepen its presence in the cities it currently operates in - Bengaluru, Hyderabad and Chennai.
It also plans to enter into three more cities in southern India, aiming to increase its bed capacity by threefold over the next six quarters to over 1,000 beds from the present 340 beds. In addition, part of these funds will be utilised in completing the pilot growth of the tech platform seniorshield which was launched recently utilising the wearable technology of Titan Fastrack.
“We are thrilled to announce the successful completion of our Series A funding round, which underscores the confidence of our investors in our vision and accomplishments.This funding will fuel our expansion efforts, allowing us to reach more seniors in need of specialized care while fortifying our position as a leader in the geriatric care sector,” said Rajagopal, CEO and Co-Founder of KITES Senior Care.
Growing market
With India’s elderly population projected to double by 2050, accounting for one-fifth of the total population, KITES Senior Care said it recognises the critical need to prioritise geriatric care and address the evolving needs of this demographic. Geriatric care is a rapidly growing market, valued at over $20 billion and growing by over 10 per cent annually; the industry is currently in its nascent stage in India.
“We have closely observed KITES’ deliver the promised plan and building solid foundations of a scalable growth model. This has encouraged us to commit further capital to grow the business to the next stage. The sincerity of the Founders to build a customer sensitive and clinically anchored service offering is very encouraging,” Ranjan Pai said.
KITES Senior Care, established in 2016, is a specialised geriatric care brand driven by a vision to become the trusted out-of-hospital care partner for seniors and their families. The company specializes in post-operative and post-hospitalization rehabilitative care, palliative care, dementia care, and respite care.