Elder care platform Age Care Labs has raised closed $11 million in its pre-Series B round from Rainmatter Capital (Zerodha’s investment arm) and Gruhas (Venture Capital fund co-founded by Nikhil Kamath and Abhijeet Pai).
The round also saw participation from Alok Oberoi (Executive Chairman, Everstone Capital), Ajay Srinivasan (ex-CEO Aditya Birla Capital and Lumis Partners, which anchored Age Labs in 2019.
Age Care Labs runs Emoha, which is a one-stop solution to help elders “age in place” in the comfort of their homes. It offers elders and their families a comprehensive bouquet of benefits across health, hassles, engagement, and emergency support pan India.
“With 42 million elders in urban India alone, this cohort is expected to grow 3x by 2050, Emoha and Epoch are committed to helping all parents age magnificently through deep geriatric expertise,” said Saumyajit Roy, Co-founder & CEO, Emoha Elder Care.
In 2021, the platform also acquired Epoch Elder Care which offers asset-light care homes specializing in assisted living and dementia care. Between Emoha and Epoch, Age Care Labs provides “the full continuum of care for elders across all ages and health conditions”.
Highlighting the prevalence of dementia in India, About 8.8 million people above the age of 60 are living with dementia and the prevalence of the illness can’t be underestimated, according to Neha Sinha, Co-founder & CEO, Epoch Elder Care.
“Above the age of 70, more than 50% of people suffer from one or more chronic conditions. The need for specialized care for seniors becomes a top priority as healthcare spending and burden increase hand in hand with longevity,” added Sinha.
Emoha and Epoch intend to deploy funds to expand their points of presence across India, along with investments in product and tech for better customer experience. Both businesses will also look at M&A opportunities to expand inorganically in India.
“The commitment of Emoha and Epoch to enhance the quality of life for seniors by enabling them to live comfortably using the power of technology combined with their domain depth to provide round-the-clock care, is not just a smart investment—it's a compassionate one that aligns with the changing dynamics of our society," said Nikhil Kamath, Co-Founder, Gruhas and Zerodha.
