Elder care platform Age Care Labs has successfully raised $11 million in a pre-Series B funding round. This round was led by Rainmatter Capital, the investment arm of Zerodha, and Gruhas, a venture capital fund co-founded by Nikhil Kamath and Abhijeet Pai. Other notable participants in this round include Alok Oberoi, Ajay Srinivasan, and existing investor Lumis Partners.
Expanding Reach and Enhancing Services
Age Care Labs plans to utilize the funds to expand its presence across India, invest in product and technology enhancements to improve the customer experience, and explore potential acquisition opportunities within the country. The company is committed to providing comprehensive healthcare services for elderly individuals.
Emoha and Epoch Elder Care
Age Care Labs comprises Emoha, which focuses on addressing elderly health concerns at home by offering emergency, health, and engagement services. Additionally, it owns Epoch Elder Care, which was acquired in August 2021. Epoch Elder Care specializes in providing care homes for assisted living and dementia care. With these subsidiaries, Age Care Labs caters to the healthcare needs of elderly individuals across different age groups and health conditions.
A Competitive Landscape
In the elder care segment, Age Care Labs faces competition from various players, including Ratan Tata-backed Goodfellows, as well as startups like 60Plus India and Alserv, among others. The company has a significant presence across 120 towns and cities in North India, relying on strategic partnerships to remain asset-light. Epoch Elder Care, for instance, leases properties for rehabilitation and collaborates with service providers for various healthcare needs.
“The idea as we expand is also to become lighter, which means that we take the service to other real estate players or other retirement communities and plugin as a service provider,” said Epoch’s cofounder and CEO Neha Sinha.
A Vision for the Future
Age Care Labs aims to streamline its operations and become a lighter organization as it expands. This involves offering its services to other real estate companies and retirement communities as a service provider. The company’s commitment to enhancing elder care in India positions it as a prominent player in the growing healthcare segment for seniors.
TL;DR:
- Age Care Labs secures $11 million in funding from investors including Rainmatter Capital and Gruhas.
- The funds will be used for expansion, product and tech enhancements, and potential acquisitions.
- Age Care Labs operates Emoha and Epoch Elder Care, providing healthcare services for the elderly.
- The company faces competition in the elder care segment from various startups and players.
- Age Care Labs plans to become asset-light and expand its services to other real estate and retirement communities.
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