Senior citizens care services provider Athulya on Tuesday said it has raised Rs 77 crore (USD 9.3mm) 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 served over 20,000 senior citizens. “With the 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. Athulya Senior care is backed by its founders Karthik Narayan, Srinivasan G and J Krishna Kavya, who have earlier served various healthcare institutions in the country and in the United States.
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. “This strategic partnership with Morgan Stanley is a crucial step for Athulya towards raising the bar on high-quality, accessible care for the elderly,” Karthik Narayan said.
The investment would support expansion and help establish new facilities in multiple cities, he noted. “We are very excited about our partnership with Morgan Stanley, we feel that they understand the importance of serving an ageing population with a care-first philosophy.”
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