Home / Companies / News /  Morgan Stanley fund eyes geriatric care firm Athulya

NEW DELHI : A Morgan Stanley fund is leading the race to invest in Chennai-based geriatric care firm Athulya Assisted Living Pvt. Ltd, two people aware of the talks said.

North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Inc., may invest 100 crore ($12 million) in Athulya for 20-25% stake, the people cited above said on the condition of anonymity. This is the first time the startup is raising institutional funding. The company, which operates under the Athulya Senior Care brand, offers assisted living and home healthcare services in geriatrics segment.

In September 2021, The Hindu reported that the company is in talks with venture capital firms to raise $10 million. The capital was to be deployed mainly for developing facilities and for expanding services in the southern states.

Email queries sent to Athulya and the Morgan Stanley fund remained unanswered till press time. The company was founded in July 2014 as Healthabove60, offering only home healthcare services. It was renamed Athulya Assisted Living after adding senior living rental model in 2017.

The startup claims it is one of the largest assisted living facilities in India with 500 beds. It offers services such as assisted living in senior living communities and senior living rental model, besides geriatric home healthcare services among others. It has four facilities in Chennai and one in Bengaluru, which is the largest with around 150 beds.

The startup claims to have served over 15,000 seniors since inception, offering nursing care, doctor visits, physiotherapy, rehabilitation, blood sample collection, ICU setup at home, and bringing the entire gamut of healthcare services to the doorstep.

North Haven India Infrastructure Fund, which focuses on asset-light infrastructure assets, invests in sectors such as energy, utilities, mobility, logistics, social infrastructure and healthcare. Some of the fund’s previous bets include pallet pooling firm Leap India, waste management and recycling startup Recykal, and iBus Network and Infrastructure.

Last month, VCCircle reported that the investor, along with Denmark’s Investment Fund for Developing Countries (IFU), have emerged as front-runners to invest in organic food exporter Suminter India Organics Pvt. Ltd.

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