Senior care services provider Athulya has raised Rs 77 crore ($9.3 million) from North Haven India Infrastructure Partners, a fund managed by Morgan Stanley India Infrastructure.
The startup plans to use the raised capital to expand its services across south India to reach over 2,500 beds and serve over 50,000 seniors in the next two years.
Founded in 2016 by Dr Karthik Narayan, Srinivasan G, and J Krishna Kavya, Athulya said it 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.
The Chennai-based startup claims that it manages over 400 assisted living beds across multiple facilities in Chennai and Bengaluru and has cumulatively served over 20,000 seniors since inception.
“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,” said Srinivasan G, Founder and CEO of Athulya Senior 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 2,000 people across the country.”
Commenting on the investment, Raja Parthasarathy, Managing Director & Co-Head of Morgan Stanley India Infrastructure, said the COVID-19 pandemic underscored the need for managed senior care in a safe, positive, and fulfilling environment. “We believe Athulya will play a leadership role in accelerating the growth of the senior care ecosystem in India.”
