Age Care Labs has raised ₹85 crore as the eldercare startup seeks to expand its offerings and tap India’s growing elderly population.
The latest investment is part of a larger ₹250 crore Series B round, the Gurugram-based platform, which offers eldercare services such as at-home health monitoring and emergency support, said.
Zerodha's venture capital arm Rainmatter Capital, Pegasus Finvest, as well as other prominent family offices and Shrem Group participated in the funding round. The larger Series B round is expected to be launched in the first quarter of 2027, Age Care Labs said.
As part of the round, Age Care has partnered with Shrem Group to launch a senior independent living venture, Shremoha. The capital will be used to expand service offerings across key urban markets, co-founder and chief executive Saumyajit Roy told Mint in an interview.
With this launch, Age Care is hitting the sweet spot for eldercare - covering a range of eldercare needs from at-home services to advanced assisted living.
The startup already runs two brands - Emoha, an app-based at-home care service for seniors, and Epoch, which provides assisted living and specialized eldercare services, including dementia care, palliative care, recovery and rehabilitation, and long-term care.
“When we decided to think through the platform, we were very clear that it has to be what we call a ‘continuum of care’,” said Roy. While Emoha caters to the majority of seniors over 60 who require at-home care, Shremoha will offer independent living facilities, while Epoch will focus on those needing specialised care.
India has currently more than 140 million adults over the age of 60. Of these, Age Care Labs is targeting the roughly 40 million present in urban pockets. “We are currently in the tier-1, tier-2 markets and we want to continue to focus on that. We don't want to get too diversified across all markets,” said Roy.
“Having said that, today we are already seated in these markets. So the next year or two is really focused on how we enhance the penetration and value creation in these segments,” he added.
Demand for comprehensive eldercare is growing rapidly in India as the country sees a demographic shift. India’s 142 million senior population (in 2021) is projected to grow to 231 million by 2036, taking its share in total population from about 10% to nearly 15%, according to an April report by CareEdge Ratings.
This ‘silver economy’ market, which includes hospitals, diagnostics, home healthcare, assisted living, senior housing, and other organised eldercare services, is projected to be worth $35 billion by 2036.
Way forward
For its remaining fundraise, Age Care Labs is looking for investors who bring strategic value to the cap table and have a long-term commitment to building the business, said Roy. Partnerships like the one with Shrem Group remain on their radar.
“The model that we pioneered is a model which is a neighborhood-based retirement community where you stay in your neighborhood,” said Roy, explaining that Age Care’s moat is its full-stack offerings via the three brands.
Age Care had previously raised $11 million in its Pre-Series B round in 2023, with participation from Rainmatter Capital and Gruhas (venture capital fund co-founded by Nikhil Kamath and Abhijeet Pai). Lumis Partners, which anchored Age Care Labs in 2019 with Roy, had also invested in the round.