KITES Senior Care has raised Rs 45 Crores in its Series A funding round from Dr. Ranjan Pai’s Manipal Education and Medical Group (MEMG) Family Office Fund.
The company intends to deepen its presence within the cities it currently operates in - Bengaluru, Hyderabad, and Chennai. In order to reach a broader population of seniors, the company plans to enter into three more cities across Southern India thereby aiming to increase its bed capacity by threefold over the next six quarters to over 1,000 beds from its present capacity of about 340 beds.
A portion of the investments will be used to complete the pilot growth of the tech platform SeniorShield, which was recently launched utilising Titan Fastrack's wearable technology, the company announced.
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. The company is eyeing on the elderly population projected to double by 2050 in the country.
Since its inception, the company has provided superior care to seniors, covering post-surgery rehab care, palliative care, and dementia care, both at care centers and in the comfort of their homes, it claimed. A dedicated team of over 400 care professionals, is expected to grow to over 1,500, which will aid the company in redefining the landscape of senior care in India.
Rajagopal, CEO and co-founder of KITES Senior Care said, "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."
"Our focus has always been on delivering superior care that addresses the unique needs of the elderly," remarked Dr. Reema, co-founder and COO of KITES Senior Care. "With the support of our investors, we are poised to enhance our services and reach, ensuring more seniors have access to the compassionate care they deserve."
"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," commented Dr. Ranjan Pai.
Established in 2016, KITES Senior Care is a major player in the geriatric care industry, catering to over 5,400 families across Bangalore, Hyderabad, and Chennai.
