Chennai-based Senior citizens 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, to expand its services.
The fund raised would be utilised for the company's forthcoming expansion plans.
Athulya Senior Care currently has presence in Chennai and Bengaluru and has reportedly served over 20,000 senior citizens.
"With the raised funding raised Athulya intends to expand its services across South India to reach over 2,500 beds and serve over 50,000 seniors in the next two years," Athulya Senior Care said in a company statement.
Founded in 2016, the company aims to offer 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. It is backed by its founders Dr Karthik Narayan, Srinivasan G and J Krishna Kavya, who have earlier served various healthcare institutions in the country and in the US.
The expansion plans would create substantial employment opportunities for service staff with more than 2,000 employees expected to be hired.
According to reports, the current demand for senior living units in the country is expected to be around three lakh units.
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"This strategic partnership with Morgan Stanley is a crucial step for Athulya towards raising the bar on high-quality, accessible care for the elderly," said managing director (MD) Dr Karthik Narayan, Athulya Senior Care.
"The investment would support expansion and help establish new facilities in multiple cities," he added to the statement.
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