The investment is one of the largest fundraisings in India’s senior care service sector
Company aims to reach 2500 assisted living units and to serve over 50,000 seniors in the next two years
The expansion will create substantial employment opportunities for service staff, with more than 2000 employees to be hired
Athulya, a leading provider of senior care services in India, has raised INR 77 Crore (US$ 9.3MM) funding from North Haven India Infrastructure Partners, a fund managed by Morgan Stanley India Infrastructure, for its forthcoming expansion.
Founders of Athulya Senior Care (L to R) Mr. Srinivasan G, Ms. J Krishna Kavya and Dr. Karthik Narayan
Founded in 2016, Athulya offers assisted living, transition care and home healthcare to address the needs of dependent seniors over the age of 60, and will soon launch palliative care services. Founders Dr. Karthik Narayan, Mr. Srinivasan G, and Ms. J Krishna Kavya have worked with leading healthcare institutions in India and the US and have particular expertise in geriatric care.
Athulya currently manages over 400 assisted living beds across multiple facilities in Chennai and Bangalore and has cumulatively served over 20,000 seniors till date. With the funding, Athulya intends to expand its services across south India to reach over 2500 beds and serve over 50,000 seniors in the next two years. Athulya seeks to create a “continuum of care” by offering services ranging from short-term to long-term care at “your home or our home”. The company is focused on achieving international quality standards accreditation for its facilities, which will help in building a strong foundation for its services in an emerging industry.
With a median age of 28.4, India has one of the fastest-growing youth cohorts globally. At the same time, the elder population is expected to more than double over the next three decades. Family social structures have traditionally provided support to dependent seniors but the increasing nuclearization of families and migration are driving the demand for outsourced senior care in India. Various industry reports estimate the current demand for senior living units in India to be around 3,00,000 units, far exceeding the current supply of 20,000 units. As an early mover in this market, Athulya has positioned itself to capitalize on this large unmet demand.
Speaking on the new investment, Dr. Karthik Narayan, Founder & Managing Director-Athulya Senior Care said, “This strategic partnership with Morgan Stanley is a crucial step for Athulya towards raising the bar on high-quality, accessible care for the elderly. This investment will support our expansion and help us establish new facilities in multiple cities. We are very excited about our partnership with Morgan Stanley, we felt they understood that the importance of serving an ageing population with a care-first philosophy.”
“India’s need for assisted living, rehabilitation and palliative care solutions is unquestionable. Right from inception, Athulya has been working on an asset-light model to deliver compassionate care. This investment will help Athulya to focus on talent acquisition, infrastructure development and skill training, thereby creating direct and indirect employment opportunities for around 2000 people across the country,” said Mr. Srinivasan G, Founder & CEO, Athulya Senior Care.
“The COVID-19 pandemic underscored the need for managed senior care in a safe, positive and fulfilling environment. We believe that Athulya will play a leadership role in accelerating the growth of the senior care ecosystem in India,” said Raja Parthasarathy, Managing Director and Co-Head of Morgan Stanley India Infrastructure.