Elder Care Company Age Care Labs Receives Investment from SIS Security Firm

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Three points you will get to know in this article:

  • Age Care Labs secures INR 10.16 Cr funding from SIS Limited.
  • SIS Limited acquires 4% ownership, values Age Care Labs at INR 254 Cr.
  • Strategic partnership aims to integrate elder care into SIS’s services.

Introduction to Age care labs

Age Care Labs is an elder care startup that provides technology-based solutions to help seniors live independently and improve their quality of life. The company offers a range of products and services, including telemedicine, remote monitoring, and medication management systems. Age Care Labs aims to address the challenges faced by seniors and their caregivers, such as loneliness, health issues, and difficulty accessing healthcare services. The company’s innovative solutions are designed to make it easier for seniors to age in place and receive the care they need.

Funding Round and Strategic Partnership

Age Care Labs, a startup focused on elder care, has secured INR 10.16 Cr ($1.2 Mn) in a recent funding round led by private security firm SIS Limited.

As part of this collaboration, SIS Limited has acquired close to 4% ownership in Age Care Labs, showcasing a strong endorsement of the company’s potential. This investment reflects a valuation of approximately INR 254 Cr for the elder care platform.

In a released statement, SIS Limited expressed their excitement about this investment, highlighting their strategic interest in expanding into the B2C sector and integrating elder care homes into their service offerings. Through SIS Ventures, their early-stage investment arm, they aim to capitalize on synergies between their diverse business ventures and the unique services provided by Age Care Labs.

Strategic Rationale and Synergies

“SIS Limited managing director Rituraj Kishore Sinha highlighted the potential benefits of this collaboration for SIS’s alarm monitoring and response solution, pest control businesses, and additional services such as cash-to-home delivery and assistance with daily chores. These services are specifically tailored to meet the unique needs of the elderly population.”

Sinha highlighted the potential of the collaboration, emphasizing the chance to enhance the skills of its 2.85 Lakh employees in fundamental elderly care. He noted the possibility of SIS Limited branching into elder care services in the future.

He elaborated, saying, “We can conduct thorough training through SIS’s nationwide training centers and 400 offices, ensuring accessible support for all. This partnership not only benefits our staff but also extends its advantages to our clients and their families.”

Additionally, Sinha mentioned the support from SIS overseas offices in coordinating sales for expatriates with elderly parents in India.

Expansion and Service Offerings

Established in 2019 by Lumis Partners with the guidance of Saumyajit Roy, Age Care Labs provides a wide range of services catering to the needs of seniors in the familiarity of their homes through the Emoha brand. These services encompass health assistance, interactive activities, and prompt emergency aid.

Under its umbrella, Age Care Labs oversees Epoch Elder Care, co-founded by Neha Sinha. The acquisition of Epoch in 2021 expanded its offerings to include care homes specializing in assisted living and dementia care, prioritizing a comfortable and supportive environment for seniors.

Age Care Labs recently secured $11 million in funding as part of its Pre-Series B round from Rainmatter Capital, the investment arm of wealthtech unicorn Zerodha, and Gruhas. The platform is also supported by Singularity Ventures, as well as various family offices and high-net-worth individuals. In the competitive landscape, Age Care Labs faces competition from companies such as KITES Senior Care, 60Plus India, Alserv, Khayal, GenWIse, and Goodfellows, which is backed by Ratan Tata.

The fundraising effort comes amidst growing interest from investors in the Indian senior care sector. Much of this attention stems from the increasing number of elderly individuals, who are anticipated to experience significant growth in the years ahead.

Market Size and Future Projections

According to a report by UNFPA India, India, which currently boasts the largest population of young people, is projected to witness a substantial rise in its elderly population (aged 60 and above) from 153 million at the end of December 2023 to a staggering 347 million by 2050. This expected surge is poised to fuel the expansion of indigenous elderly care services within the market. According to a recent report, the market size for elderly care services in India was estimated to be $60 million in 2022, with projections indicating a significant increase to $100 million by 2030.

Age Care Labs secured INR 10.16 Cr ($1.2 Mn) in funding from SIS Limited, bolstered by a 4% ownership acquisition and an approximate INR 254 Cr valuation. This strategic investment signals SIS Limited’s keen interest in expanding into the B2C sector and integrating elder care homes into their service offerings. Highlighting the potential synergies, collaboration benefits, and future vision, the partnership positions SIS to enhance its employees’ skills in elderly care. Age Care Labs, supported by recent funding and an array of investors, operates in a competitive landscape poised for significant growth driven by the projected surge in the elderly population of India to 347 million by 2050.

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