Age Care Labs, an eldercare platform, announced on Friday that it secured $11 million in funding. Rainmatter Capital, led by Nithin Kamath, and Gruhas, led by Nikhil Kamath, were the primary contributors in this pre-Series B round.
Alok Oberoi, the executive chairman of Everstone Capital, Ajay Srinivasan, former CEO of Aditya Birla Capital, and Lumis Partners, a prior investor, participated.
Age Care Labs actively operates Emoha, offering elderly health services at home, such as emergency support and engagement services. In addition, they own Epoch Elder Care, which was co-founded by Neha Sinha and acquired in August 2021, providing specialized care homes for assisted living and dementia care. When combined, Emoha and Epoch form a comprehensive care solution for elderly individuals of all ages and health conditions.
The company intends to use the capital it has raised to expand its presence across India, make investments in product and technology enhancements aimed at improving the customer experience, and explore potential acquisition opportunities to achieve organic growth in the Indian market.
“The older population as a proportion of the population is going up, and it will go up much faster than it has in the last decade. There are very few businesses from the impact and capitalism standpoint that are building anything relevant here. We are bullish on anything being built in the sector and personally, I think there is a big need for it,” said Nikhil Kamath.
“170 million sons and daughters in India want the best for their parents at all ages; they want more safety, health, convenience and an active engaged life for their parents / guardians. While there are 42 million elders in urban India alone, this cohort is expected to grow 3x by 2050. Emoha and Epoch are committed to help all parents age magnificently through deep geriatric expertise,” said Saumyajit Roy, cofounder and chief executive, Emoha Elder Care.
Moreover, Gruhas, under Kamath’s leadership, is actively seeking investment opportunities in Abu Dhabi within the same sector. These investments are long-term expected to remain relevant for a decade.
“The prevalence of dementia in India has risen to about 7.4%, which means about 8.8 million people above the age of 60 are living with dementia. Above the age of 70, more than 50% people suffer from one or more chronic conditions. The need for specialized care for seniors becomes the top priority as healthcare spends and burden increase hand in hand with longevity,” Epoch founder and chief executive Sinha added.
