KITES Senior Care has announced the successful closure of a Series A funding round, securing ₹45 crore. This investment round was led by Ranjan Pai's family office, marking a significant milestone for the out-of-hospital geriatric care startup.
With this influx of capital, KITES Senior Care aims to fuel its expansion plans and further solidify its presence in the geriatric care market. The total plan outlay for KITES Senior Care's expansion and growth strategy amounts to ₹65 crore, with additional funding sourced from various other channels.
In an interview with CNBC-TV18, Rajagopal G, the co-founder and CEO of KITES Senior Care highlighted that the company is strategically channelling these funds towards enhancing its specialised care centers, particularly in South India.
Currently, KITES Senior Care operates in Bengaluru and has recently ventured into Hyderabad and Chennai, where it has already gained traction and established itself as a trusted partner.
Rajagopal G outlined the company's roadmap, stating, "The fundraising would be used for moving from a 314-bedded brand currently to a 1,000-bedded brand in the next six quarters. We have allocated about 70 beds each in Pune, Coimbatore, and Cochin as the new markets, and the rest of the 500-600 beds are slated for expansion in the existing markets."
KITES Senior Care specialises in providing three types of out-of-hospital care for the elderly: post-hospitalization rehab care, palliative care, and dementia care.
Recognising the financial burden these services often impose on families, the company adopts a moderate pricing strategy to ensure accessibility without compromising on quality. Rajagopal G emphasised, "Our pricing is moderate, and people have not had any issues or challenges with our products."
The geriatric care market is witnessing robust growth, with current estimates pegging it at $20 million, growing over 10% annually. KITES Senior Care's expansion aligns with this upward trajectory, positioning the company to capitalise on emerging opportunities and meet the rising demand for specialised elderly care services.
In a separate development, the Indian startup ecosystem is poised for significant growth, as highlighted in a report by the Confederation of Indian Industry (CII). Titled ‘Unicorn 2.0: Adding The Next Trillion’, the report forecasts that Indian startups could add $1 trillion to the economy by FY30 and create 50 million new jobs.
It predicts the emergence of 300 new unicorns by 2035, driven by sectors such as retail, e-commerce, next-gen financial services, manufacturing hubs, SaaS, and digital.
However, Rahul Garg, co-chairman of CII Unicorn Forum and founder and CEO of Moglix, highlights the importance of addressing the skilling gap in the ecosystem.
He underscored the efforts of startups in training skilled talent and called for collaborative initiatives to enhance skilling, particularly in blue-collar jobs. Moreover, Hyderabad is set to become a prominent tech hub with the launch of the Machine Learning and AI Tech Hub (MATH).
Established by Telangana-based startup incubator T-Hub in collaboration with the Department of Science and Technology, MATH aims to incubate hundreds of AI-first startups in the coming years.
Rahul Paith, CEO of MATH, anticipates incubating 500 startups and creating over 1,000 employment opportunities in AI by 2025, marking a significant milestone in Hyderabad's tech ecosystem.
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