Athulya Senior Care Raises INR 77 Crore From Morgan Stanley India Infrastructure
The fund raised will be used to expand the services across south India to reach over 2500 beds and serve over 50,000 seniors in the next two years
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Athulya, a leading provider of senior care services in India, has raised INR 77 funding from North Haven India Infrastructure Partners, a fund managed by Morgan Stanley India Infrastructure, for its forthcoming expansion. The fund raised will be used to expand the services across south India to reach over 2500 beds and serve over 50,000 seniors in the next two years.
"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 Srinivasan G, founder and CEO, Athulya Senior 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. 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, as per a statement by the company.
"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.
Founded in 2016 by Dr. Karthik Narayan, Srinivasan G, and J Krishna Kavya, Athulya offers assisted living, transition care and home healthcare to address the needs of dependent seniors over the age of 60.