KITES Senior Care Acquires $5.4 Mn in Financing from Ranjan Pai’s Family Office

Kites Senior Care Logo

Three points you will get to know in this article:

  • KITES Senior Care secures significant Series A funding from MEMG.
  • Plans expansion, tripling bed capacity, emphasizing specialized elderly care.
  • Competing in growing sector, investor interest highlights sector potential.

Introduction to KITES Senior Care

KITES Senior Care stands as the premier name in geriatric care. As a proud part of Lifebridge Senior Care Pvt Ltd since 2016, their mission has been clear: to become the cherished companion in the journey of elderly individuals and their families beyond the confines of hospital walls. Their comprehensive range of services is designed to ensure the safety and comfort of seniors, encompassing everything from medication management to daily nourishment and personal attention.  They offers a range of services to help seniors stay safe and comfortable, such as medication management, daily meals, and personal care. In addition, Kites provides social activities and outings to keep seniors engaged and active. Residents are encouraged to participate in a variety of events and trips, such as concerts, picnics, and museum visits. The community’s staff is available 24/7 to provide assistance and support whenever needed.

Major Funding Round Secured with MEMG Family Office Fund

KITES Senior Care, a fresh face in the field of providing specialized care for seniors outside the hospital setting, has just clinched a significant boost. They’ve secured a substantial sum of INR 45 Crore (approximately $5.4 Million) in their Series A funding round, courtesy of the esteemed Manipal Education and Medical Group (MEMG) family office fund, led by Ranjan Pai.

Expansion Plans and Additional Debt Financing

Adding to the excitement, the team at KITES, under the banner of Lifebridge Senior Care P Ltd, is also in the process of raising an additional INR 20 Crore (about $2.5 Million) in debt from their current investors to fuel their growth further.

Based in Bengaluru, KITES has big plans for this infusion of capital. They aim to broaden their reach across the Southern regions and significantly boost their bed capacity. Their goal? To ramp it up threefold, from the current 340 to a whopping 1,000 beds, ensuring even more seniors receive top-notch care in comfortable surroundings.

Services and Future Plans

Established in 2016 by Rajagopal G and Reema Nadig, KITES Senior Care provides a variety of services catering to the elderly in both care facilities and residential settings. These encompass comprehensive support for seniors, including rehabilitation before and after hospitalization, palliative care, and assistance for those with dementia.

Looking ahead, the company is gearing up to introduce ‘senior living’, akin to retirement communities, in the foreseeable future.

Founders' Statements and Investor Satisfaction

Rajagopal G expressed, “This investment will drive our expansion endeavors, enabling us to extend our reach to more seniors in need of specialized assistance, while solidifying our standing as a frontrunner in geriatric care.”

Nadig emphasized our ongoing dedication to providing exceptional care tailored to the specific needs of seniors. Thanks to our investors’ backing, we’re ready to expand our services, ensuring more elderly individuals receive the kindness and support they deserve.

Pai expressed satisfaction with KITES’ progress in executing its outlined plan and establishing a strong foundation for scalable growth. This positive development motivates us to invest further in propelling the business to its next phase.

KITES’ recent funding round follows its previous success in securing $2 million in pre-Series A funding from Pai back in January 2023.

Competition and Investor Interest in the Senior Care Sector

In the realm of senior care, it faces competition from names such as SeniorWorld, Emoha, GenWise, 60Plus India, Alserv, ElderAid Wellness, and GoodFellows. Investors have been increasingly drawn to the senior care sector lately.

For example, just earlier this week, the senior care app Khyaal secured seed funding of $4.2 million (INR 34.8 crore), with contributions from 62Ventures, SVQuad, and Inventus Capital. Last October, the eldercare platform Age Care Labs raised $11 million in a pre-Series B funding round, with backing from Zerodha’s investment arm Rainmatter Capital and Gruhas, a fintech unicorn.

KITES Senior Care, a Bengaluru-based provider of specialized senior care, has received an impressive INR 45 Crore (approximately $5.4 Million) in Series A funding from the revered Manipal Education and Medical Group (MEMG) family office fund, led by Ranjan Pai. Additionally, they are raising an extra INR 20 Crore (about $2.5 Million) in debt to expand their reach across Southern regions and triple their bed capacity from 340 to 1,000. With a variety of elderly care services and plans for ‘senior living’, KITES aims to solidify its position as a leader in geriatric care. This funding follows KITES’ earlier success in securing $2 million in pre-Series A funding.

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