KITES Senior Care raises Rs 45 crore from Ranjan Pai's family office fund

KITES Senior Care, a leading provider of “out-of-hospital” geriatric care services, has completed its Series A funding round, securing an investment of Rs 45 crore from Ranjan Pai’s Manipal Education and Medical Group (MEMG) Family Office Fund. The total plan outlay for this expansion and growth is Rs 65 crore. Out of this, Rs 45 crore is being invested by Ranjan Pai, with the remaining funds sourced from various other contributors.

"We have closely observed KITES delivering 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 Ranjan Pai. “The sincerity of the founders in building a customer-sensitive and clinically anchored service offering is very encouraging," he added.

Ranjan Pai of MEMG, who last year sold a significant part of his stake in Manipal Health Enterprises to Singapore's sovereign wealth fund Temasek, has been actively backing new-age companies this year. These include Purplle, Bluestone, PharmEasy, FirstCry, Meolaa, and Aakash.

Pai recently invested $168 million (approximately Rs 1,400 crore) in edtech firm Byju’s test-prep subsidiary AESL and was in discussions to invest about $350 million in Byju’s in both equity and debt.

With the new capital infusion, KITES Senior Care plans to deepen its presence within the cities it currently operates in: Bengaluru, Hyderabad, and Chennai. To reach a broader population of seniors, the company plans to expand into three more cities across Southern India. It aims to increase its bed capacity threefold over the next six quarters to over 1,000 beds, up from its current capacity of about 340 beds. Additionally, a portion of these funds will be utilised in completing their pilot growth of the tech platform SeniorShield, recently launched using Titan Fastrack’s wearable technology.

"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, chief executive officer and co-founder of KITES Senior Care.

India's elderly population is projected to double by 2050, accounting for one-fifth of the total population. KITES Senior Care recognises the critical need to prioritise geriatric care and address the evolving needs of this demographic. The geriatric care market, valued at over $20 billion and growing by more than 10 per cent annually, is currently in its nascent stage in India.

"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 Reema Nadig, co-founder and chief operating officer of KITES Senior Care.

Established in 2016, KITES Senior Care caters to over 5,400 families across Bengaluru, Hyderabad, and Chennai. It provides various services to seniors, including post-surgery rehab care, palliative care, and dementia care, both at care centres and in the comfort of their homes. A team of over 400 care professionals, expected to grow to over 1,500, will aid the company in redefining the landscape of senior care in India.

"As the initial seed investor, witnessing KITES' journey from concept to a leader in geriatric care has been extraordinary,” said Arvind, an early-stage investor in KITES.