Age Care Labs, a platform for elder care, secured $11 million (roughly Rs 92 crore) as part of its pre-Series B funding round from Nikhil Kamath-cofounded Gruhas and Rainmatter Capital, the investment arm of fintech unicorn Zerodha.
Age Care Labs, based in Gururam, plans to use the additional funds to strengthen its position in the nation and invest in its innovation and product.
“The broader thesis is that the world is ageing; as early as 2040-2050, it appears that India will have an ageing population problem,” Kamath, co-founder Gruhas and Zerodha, told VCCircle. “With shifting demographics, the importance of providing comfortable and comprehensive care for our elders cannot be overstated”
A few angel investors, including Alok Oberoi of Everstone Capital, Ajay Srinivasan, a former CEO of Aditya Birla Capital, Ari Sarker, president of Mastercard Asia Pacific, and Rajesh Sud, MD of Bharti Enterprise, also took part in the round. The company stated that Lumis Partners, which helped Saumyajit Roy anchor Age Labs in 2019, has also invested this latest round.
Under the Emoha brand, the company provides elders along with their families in India with a wide range of benefits in the areas of health, issues, activity, and emergency support.
“The idea as we expand is also to become lighter, which means that we take the service to other real estate players or other retirement communities and plugin as a service provider,” said Sinha, chief executive of Epoch Elder Care.
About Age Care Labs
In August 2021, Age Care Labs purchased Epoch Elder Care. Epoch Elder Care is a component of Age Care Labs, a platform created by Lumis Partners with the goal of constructing a strong continuum of care that will allow seniors to age effectively.