SUMMARY
KITES is also raising INR 20 Cr in debt from other existing investors for the current funding round
The startup offers a range of geriatric services at its care facilities as well as senior citizens’ residences
It will use the fresh capital to expand its footprint across Southern pockets and also to increase its bed capacity by three-fold to over 1,000 from the present 340
KITES Senior Care, a startup which focuses on providing out-of-hospital geriatric care, has secured INR 45 Cr (around $5.4 Mn) as a part of its Series A funding round from Ranjan Pai’s Manipal Education and Medical Group (MEMG) family office fund.
Besides, the startup, operated by Lifebridge Senior Care P Ltd, is also raising INR 20 Cr (around $2.5 Mn) in debt from other existing investors for the current fundraise.
Bengaluru-based KITES plans to deploy the fresh proceeds to expand its footprint across Southern pockets and also to increase its bed capacity by three-fold to over 1,000 from the present 340.
Founded in 2016 by Rajagopal G and Reema Nadig, KITES Senior Care offers a range of geriatric services at its care facilities as well as senior citizens’ residences. It covers both pre and post hospitalisation rehab care, palliative care and dementia care.
The startup is also planning to venture into ‘senior living’, a concept similar to retirement homes in the near future.
“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,” said Rajagopal G.
“Our focus has always been on delivering superior care that addresses the unique needs of the elderly. 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,” said Nadig.
“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,” said Pai.
KITES’ latest funding comes over a year after it secured $2 Mn in a pre-Series A funding round from Pai in January 2023.
It competes against the likes of SeniorWorld, Emoha, GenWise, 60Plus India, Alserv, ElderAid Wellness and GoodFellows.
The senior care sector has been gaining a lot of traction from investors for quite some time now.
For instance, earlier this week, senior care app Khyaal bagged seed funding of $4.2 Mn (INR 34.8 Cr) co-led by 62Ventures, SVQuad and Inventus Capital.
In October last year, eldercare platform Age Care Labs raised $11 Mn from fintech unicorn Zerodha’s investment arm Rainmatter Capital and Gruhas in a pre-Series B funding round.
