Geriatric care service provider KITES Senior Care has successfully raised Rs 65 crore in a Series A funding round, with Dr. Ranjan Pai’s Manipal Education and Medical Group (MEMG) Family Office Fund leading the investment.
The funding marks a significant milestone for KITES Senior Care as it aims to expand its presence and enhance its services in the geriatric care sector.
Expansion Plans:
KITES Senior Care plans to utilize the raised funds to strengthen its footprint in key cities such as Bengaluru, Hyderabad, and Chennai. Additionally, the company aims to venture into three more cities in southern India,
with a strategic focus on increasing its bed capacity by threefold over the next six quarters. Currently operating with approximately 340 beds, KITES Senior Care aims to surpass 1,000 beds to cater to the growing demand for specialized geriatric care services.
Tech Integration:
A portion of the capital raised will be allocated to completing the pilot growth of Seniorshield, KITES Senior Care’s innovative tech platform.
Seniorshield utilizes Titan Fastrack’s wearable technology to monitor the health and wellness of seniors, providing real-time insights and enhancing the quality of care delivered.
CEO Statement:
Rajagopal G, CEO and Co-founder of KITES Senior Care, expressed excitement about the successful completion of the Series A funding round.
He highlighted the confidence of investors in the company’s vision and accomplishments, emphasizing the role of the funding in supporting expansion efforts and consolidating KITES Senior Care’s position as a leader in the geriatric care sector.
Market Growth Projections:
The geriatric care market is poised for substantial growth, with projections indicating a compound annual growth rate of 7% during 2021-2028. By 2028, the market is estimated to be valued at $42 billion, according to insights from Coherent Market Insights.
This growth trajectory underscores the immense potential for KITES Senior Care to capitalize on emerging opportunities and further solidify its market position.
Investor Confidence:
Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group, expressed confidence in KITES Senior Care’s growth trajectory and commitment to delivering high-quality care services.
He praised the company’s scalable growth model and reiterated MEMG’s commitment to supporting KITES Senior Care in its journey towards the next stage of expansion.
Testimonials:
Dr. A S Arvind, an early-stage investor in KITES Senior Care, commended the company’s dedication to excellence and innovation.
He highlighted KITES Senior Care’s remarkable journey from concept to industry leader in geriatric care, emphasizing its potential to set new standards in the sector.
Company Overview:
Founded in 2016 by Rajagopal and Dr. Reema Nadig, KITES Senior Care has served over 5,400 families across Bengaluru, Hyderabad, and Chennai. With a team of 400 care professionals,
the company aims to expand its workforce to 1,500 in the near future, further enhancing its ability to cater to the growing needs of seniors across India.
Conclusion:
The successful Series A funding round represents a significant milestone for KITES Senior Care, positioning the company for accelerated growth and expansion
in the dynamic geriatric care market. With strong investor support, a robust growth strategy, and a commitment to innovation, KITES Senior Care is poised to continue transforming the landscape of geriatric care in India.
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