SIS Limited picked up nearly 4% stake in Age Care Labs for INR 10.16 Cr, valuing the elder care startup at around INR 254 Cr
SIS Limited said that the deal will leverage synergies between the security firm’s multiple businesses and Age Care Labs’ differentiated offerings
Founded in 2019, Age Care Labs offers services such as health and emergency support to elders in the comfort of their own homes under the Emoha brand
Elder care startup Age Care Labs has raised INR 10.16 Cr ($1.2 Mn) as part of a strategic funding round from private security firm SIS Limited.
As part of the deal, SIS Limited picked up nearly 4% stake in the company in lieu of the investment. This translates into an approximate valuation of INR 254 Cr for the elder care platform.
In a statement, the security firm said that investment will help it penetrate the B2C segment and add the startup’s elder care homes to its portfolio. Facilitated through its early-stage investment arm SIS Ventures, the deal will leverage synergies between the security firm’s multiple businesses and Age Care Labs’ differentiated offerings.
“… This collaboration holds the potential for significant advantages to SIS’s alarm monitoring and response solution and pest control businesses, along with additional services, such as cash-to-home delivery and assistance with daily chores, catering to the unique needs of the elderly population,” said SIS Limited managing director Rituraj Kishore Sinha.
Sinha also said that the partnership offers the “opportunity” of upskilling its 2.85 Lakh staff in basic geriatric services and could help facilitate the lateral entry of SIS Limited into the elder care services in the long run.
“This extensive training can be facilitated by SIS’s pan-India training centres and 400 offices, which can be utilised for last-mile training and support. This partnership will not only benefit SIS staff but also our clients and their families. Furthermore, SIS overseas offices can assist in sales coordination for expatriates with aged parents living in India,” added Sinha.
Founded in 2019 by Lumis Partners under the aegis of Saumyajit Roy, Age Care Labs offers a comprehensive bouquet of services including health, engagement, and emergency support to elders in the comfort of their own homes under the Emoha brand.
Age Care Labs operates Neha Sinha-cofounded Epoch Elder Care, which the former acquired in 2021. Epoch offers asset-light care homes specialising in assisted living and dementia care.
Age Care Labs last raised $11 Mn as part of its Pre-Series B round from wealthtech unicorn Zerodha’s investment arm Rainmatter Capital and Gruhas. The platform also claims to be backed by the likes of names such as Singularity Ventures as well as several other family offices and HNIs.
It competes with the likes of names such as KITES Senior Care, 60Plus India, Alserv, Khayal, GenWIse, Ratan Tata-backed Goodfellows, among others.
The fundraise comes as the Indian senior care space continues to attract healthy traction from investors. The tilt has largely been led by the senior citizen population, which is expected to see rapid progression in the coming years.
As per an UNFPA India report, India, currently home to the largest population of youngsters, will see elderly population (aged 60 and above) soar from 153 Mn at the end of December 2023 to a staggering 347 million by 2050. This surge is expected to power the homegrown elderly care services market.
As per a separate report, India’s elderly care services market size was pegged at $60 Mn in 2022 and the number is projected to soar to $100 Mn by 2030.
