Morgan Stanley India Infrastructure contributes Rs 77 Cr to senior care company Athulya
- ByStartupStory | January 9, 2023
North Haven India Infrastructure Partners, a firm run by Morgan Stanley India Infrastructure, has contributed Rs 77 crore ($9.3 million) to senior care services provider Athulya.
“The investment will support our expansion and help us establish new facilities in multiple cities,” said Dr Karthik Narayan, Founder and Managing Director, Athulya Senior Care.
“We are very excited about our partnership with Morgan Stanley, we felt they understood the importance of serving an ageing population with a care-first philosophy,” he added.
Athulya asserts that it has provided services to more over 20,000 seniors since its founding and currently oversees over 400 assisted living beds spread across numerous locations in Chennai and Bengaluru. According to a statement from the firm, Athulya plans to use the funds to extend its services across south India, eventually adding over 2,500 beds and catering to over 50,000 elders.
Athulya, a company founded in 2016 by Dr. Karthik Narayan, Srinivasan G, and J. Krishna Kavya, provides assisted living, transition care, home healthcare, and will soon provide palliative care services to meet the needs of dependent seniors over the age of 60. The founders have experience working with healthcare organisations in the US and India and specialise in geriatric care.
“India’s need for assisted living, rehabilitation, and palliative care solutions is unquestionable. Right from inception, Athulya has been working on an asset-light model to deliver compassionate care,” added Srinivasan G, Founder and CEO, Athulya Senior Care.
“This investment will help Athulya to focus on talent acquisition, infrastructure development, and skill training, thereby creating direct and indirect employment opportunities for around 2,000 people across the country.”
The COVID-19 epidemic, in accordance with Raja Parthasarathy, Managing Director and Co-Head of Morgan Stanley India Infrastructure, highlighted the want for managed senior care in a secure, gratifying atmosphere. “We believe that Athulya will play a leadership role in accelerating the growth of the senior care ecosystem in India.”
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