KITES Senior Care raises $2 Mn in a Pre-Series A round led by Manipal Group’s Chairman Ranjan Pai
- ByStartupStory | January 12, 2023
KITES Senior Care, a provider of geriatric care, has raised $2 million in a pre-series A round led by Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG).
The Bengaluru-based care provider will use the new funds to scale up operations and expand into cities such as Hyderabad and Chennai.
It also intends to launch an integrated technology platform that will link the entire senior care ecosystem in terms of health and well-being.
“I have been closely observing the trends in the emerging elder care space both globally and specifically in India. I believe the elder care space is at the same cusp, what private hospitals were in early 1980,” said Pai.
“The Investment from Dr Pai’s family office is a very strong endorsement of our journey,” said Rajagopal G, co-founder and chief executive of KITES.
“What excites us more is the fact that we will be able to leverage the deep insight and experience of Dr Pai & his team and create a formidable enterprise in this still nascent and emerging healthcare space, intertwined with technology backbone,” he added.
The most recent round comes nearly seven years after the company’s seed round in 2016. It had raised $200,000 from AS Arvind, a medical professional turned healthcare strategist, and two other investors.
It claims to have cared for over 4,500 senior citizens and elders in Bengaluru. In addition, it collaborates with a few retirement homes and assisted living facilities to provide medical care to their senior residents.
KITES, a subsidiary of Lifebridge Senior Care P Ltd, operates and manages two care facilities in Bengaluru, each with 70 beds. It also focuses on ‘Out of Hospital’ care services, which include rehab care both before and after hospitalization, palliative care, and dementia care. It was released in February of 2016.
KITES has signed a contract for a large 80-bed rehab unit in Banjara Hills, Hyderabad, which is set to open in February 2023. It has also entered into a managed contract model with a Chennai-based industrial house, which will go live this quarter. By February, the technology platform will be available for purchase.
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