Eldercare Platform Age Care Labs Secures $11 Million in Funding Led by Rainmatter Capital and Gruhas
- ByStartupStory | October 14, 2023
Age Care Labs, an eldercare platform encompassing Emoha technology and the Epoch care home chain for elderly individuals with dementia, has successfully raised $11 million in a pre-Series B funding round. Leading this investment are venture capital firms Rainmatter Capital and Gruhas, with participation from notable investors such as Alok Oberoi, Executive Chairman of Everstone Capital, Ajay Srinivasan, former CEO of Aditya Birla Capital, and more. Lumis Partners, an existing investor who first anchored Age Labs in 2019, also joined the funding round.
According to YourStory, Nikhil Kamath, Co-founder of Gruhas and Zerodha, expressed confidence in the elder care segment in India, highlighting the alignment with Gruhas’ proptech thesis, stating, “Very few people are building for the elder care segment in India, and it ties in directly with the thesis for Gruhas when it comes to proptech. We are fairly bullish on this opportunity.”
The capital injection will serve a dual purpose. Age Care Labs intends to expand the number of Epoch care homes in the northern and western regions. The remaining funds will be utilized to extend Emoha’s presence across north, west, and eastern India. Saumyajit Roy, Co-founder and CEO of Emoha, also mentioned plans to explore merger or acquisition opportunities to bolster their footprint in the elder care domain and enable geographical expansion. Currently, India boasts nearly 70 active players in the elder care sector.
Epoch Elder Care aims to enhance its offerings by increasing the number of home clusters in its current cities of operation. Furthermore, it will emphasize dementia daycare and caregiver training. The company follows an asset-light model, leasing properties, collaborating with operations and maintenance providers, and working alongside developers. They anticipate profitability for their homes at 50% occupancy and aim to achieve a margin of 25% to 30% over the next year. Age Care Labs had previously acquired Epoch Elder Care in August 2021, while Emoha had raised $5.23 million across multiple funding rounds before this latest investment.
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The elder care sector has garnered significant interest from startups and investors, especially in the post-pandemic landscape. Ratan Tata, in August 2022, announced the launch of Goodfellows, a companionship app for seniors. Startups like KareWise offer a marketplace-based service for at-home elder care, indicating the growing recognition of the importance of elder care in India’s evolving healthcare landscape.
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