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 investment will support our expansion and help us establish new facilities in multiple cities,” said Dr Karthik Narayan, Founder and Managing Director, Athulya Senior Care.
“We are very excited about our partnership with Morgan Stanley, we felt they understood the importance of serving an ageing population with a care-first philosophy,” he added.
Athulya claims that it currently manages over 400 assisted living beds across multiple facilities in Chennai and Bengaluru, and has cumulatively served over 20,000 seniors since inception.
With the funding, 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, said a statement by the company.
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, and will soon launch palliative care services. The founders have worked with healthcare institutions in India and the US and have particular expertise in geriatric care.
“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,” added Srinivasan G, Founder and CEO, 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.”
According to Raja Parthasarathy, Managing Director and Co-Head of Morgan Stanley India Infrastructure, 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.”
