Gurgaon-based Age Care Labs is trying to get ahead of a fast-growing social and health issue in a country of nearly 1.5 billion people. India’s over-60 population will top 230 million in the next decade “representing a fundamental restructuring of the country’s population composition,” its government says.
Age Care Labs runs two elder care companies: Epoch Elder Care, a network of assisted living and dementia care facilities in Delhi and Pune; and Emoha, a remote care provider that helps patients age at home by monitoring health conditions and connecting to other services.
The company’s 850 million rupee ($9 million) growth funding round was led by strategic investor Shrem Group. The real estate, hospitality and infrastructure company invested in Age Care Labs to expand into senior living communities. The partners will launch a new company, Shremoa, that will manage senior residences, coordinate residents’ healthcare needs and offer wellness services.
Also participating in the round: Rainmatter, an early-stage venture capital firm managed by online trading company Zerodha that invests in media, finance, health and climate tech companies. Rainmatter operates a 10 billion rupee perpetual fund with the goal of supporting Indian companies with Indian capital. It says it is able to offer patient capital to early startups because it doesn’t have any exit mandates.
Mumbai-based Pegasus Finvest invests in seed and Series A-stage companies working in financial services, healthcare, education and clean tech via its $40 million India Evolving Opportunities Fund.
Several family offices also backed Age Care Labs’ round.
Age Care Labs’ prior investors include VC firm Lumis Partners and Belgium-based impact investor Kois Invest.
