Age Care Labs, an elder care platform, has closed $11 million in its Pre-Series B round from Rainmatter Capital (Zerodha's investment arm) and Gruhas (venture capital fund co-founded by Nikhil Kamath and Abhijeet Pai). Other investors who participated in the funding round include Alok Oberoi (executive chairman, Everstone Capital) and Ajay Srinivasan (ex-CEO, Aditya Birla Capital). Lumis Partners, which anchored Age Labs in 2019 with Saumyajit Roy, has further invested in this round as well. The platform aims to solve the complex needs of a growing and diverse ageing population.
Age Care Labs' first business is Emoha, which is focused on solving elder health at home. It is a complex problem, disconnected across emergency, health, and engagement. The platform acquired Epoch Elder Care, co-founded by Neha Sinha, which offers asset-light care homes specialising in assisted living and dementia care. Between Emoha and Epoch, the platform provides the full continuum of care for elders across all ages and health conditions. Alongside the founders, it has a strong leadership team with deep domain, technology, and operating experience. Emoha and Epoch intend to deploy funds to expand their points of presence across India. They would also make investments in product and tech for better customer experience. Both businesses will also look at M&A opportunities to expand inorganically in India.
"We believe that the key pillar of healthcare lies in addressing the unique needs of our senior population," said Nikhil Kamath, co-founder, Gruhas and Zerodha. "Emoha's innovative tech-driven solutions along with Epoch's depth in dementia care are at the forefront of this vital transformation. At Gruhas, we believe, with shifting demographics the importance of providing comfortable and comprehensive care for our elders cannot be overstated," said Kamath.
Kamath also said that the commitment of Emoha and Epoch is to enhance the quality of life for seniors by enabling them to live comfortably using the power of technology. This is combined with their domain depth to provide round-the-clock care.
"As people age, the level of care they require also increases, but many don't have assistance or access to reliable health and care services due to various reasons," said the Rainmatter Health Team. "Emoha and Epoch are trying to solve this complex problem so that the elderly can live their golden years with dignity."
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The funding round for the Gurgaon-based platform counts several industry leaders and family offices in its shareholders – like Ari Sarker, President, Mastercard APAC, Rajesh Sud, MD, Bharti Enterprises India, Michael Spigel, CEO, Good Shepherd Rehab US, Infosys veterans Pravin Rao and Subu Goparaju and Anant Maheshwari, President, Honeywell Growth Markets.
"170 million sons and daughters in India want the best for their parents at all ages; they want more safety, health, convenience and an active engaged life for their parents and guardians," said Saumyajit Roy, CEO and co-founder, Emoha Elder Care. "With 42 million elders in urban India alone, this cohort is expected to grow 3x by 2050; Emoha and Epoch are committed to help all parents age magnificently through deep geriatric expertise."
Neha Sinha, CEO and co-founder, Epoch Elder Care, said the prevalence of dementia in India has risen to about 7.4 per cent, which means about 8.8 million people above the age of 60 are living with dementia. Sinha said that above the age of 70, more than 50 per cent of people suffer from one or more chronic conditions. "The need for specialised care for seniors becomes top priority as healthcare spends and burden increase hand in hand with longevity," said Sinha.