KITES Senior Care bags Rs 65 Cr led by Dr Ranjan Pai in Series A funding
Geriatric care services startup KITES Senior Care will use the raised funds to deepen its operations in cities including Bengaluru, Hyderabad, and Chennai.
Geriatric care service provider has secured Rs 65 crore in a Series A funding round led by Dr Ranjan Pai’s Manipal Education and Medical Group (MEMG) Family Office Fund.
Out of the total planned outlay for this expansion and growth, Rs 45 crore is being invested by Dr Pai and the remaining from various other sources.
KITES Senior Care will utilise the raised funds to deepen its presence in cities including Bengaluru, Hyderabad, and Chennai. It plans to enter three more cities in southern India, with an aim to increase its bed capacity by threefold over the next six quarters, from its present capacity of about 340 beds to over 1,000.
The company will use a part of the capital to complete its pilot growth of the recently launched tech platform Seniorshield, which tracks the health and wellness of seniors with Titan Fastrack's wearable technology.
"We are thrilled to announce the successful completion of our Series A funding round, which underscores the confidence of our investors in our vision and accomplishments. 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, CEO and Co-founder of KITES Senior Care.
The geriatric care market is expected to grow at a compound annual growth rate of 7% during 2021-2028 and is estimated to be valued at $42 billion in 2028, according to Coherent Market Insights.
“We have closely observed KITES deliver the promised plan and build solid foundations of a scalable growth model. This has encouraged us to commit further capital to grow the business to the next stage. The sincerity of the founders to build a customer-sensitive and clinically anchored service offering is very encouraging," said Dr Ranjan Pai, Chairman, Manipal Education and Medical Group.
The startup provides care to seniors, which covers palliative care, post-surgery rehab care, and dementia care, both at care centres and in their own homes.
"As the initial seed investor, witnessing Kites’ journey from concept to leader in geriatric care has been extraordinary. Their commitment to excellence and innovation is setting new standards in the industry," said Dr A S Arvind, an early-stage investor.
Founded by Rajagopal and Dr Reema Nadig in 2016, KITES Senior Care said it has catered to 5,400 families across Bengaluru, Hyderabad, and Chennai. The firm currently has 400 care professionals and aims to expand this number to 1,500 in the near future.