PC: The Economic Times
In the latest development highlighting growing focus on elder care and senior living solution innovation, Bengaluru-based startup Primus Senior Living has successfully bagged a seed funding round worth $20 million from General Catalyst. The funding round also included participation from notable investors such as Zerodha co-founder Nikhil Kamath and Gruhas, an investment firm Kamath co-founded with Abhijeet Pai of the Puzzolana Group. That large investment is one of the biggest seed funding rounds for any Indian startup in 2024 and speaks to growing interest and support around initiatives catering for elderly populations.
Primus Senior Living is revolutionizing the eldercare landscape by providing an integrated platform for seniors under one roof- with all access to overall care services, wellness, lifestyle, and social engagement-at-home. The startup is also initiating the concept of intergenerational communities where people of different ages live, interact, and thrive together in creating a sense of community and belonging and shared experiences.
Today, Primus owns a community of 500 homes specifically designed for the elderly, creating a geriatric-friendly environment while at the same time allowing basic services and amenities. Following the recently closed seed funding round, Primus is now well-poised to scale their operations significantly, focusing on delivering 3,500 homes across six cities as they expand their footprints and enhance their impact in the rapidly evolving eldercare market.
The senior living market in India, according to estimates available today, stands at $2 to $3 billion. However, it is projected to have a compound annual growth rate (CAGR) of over 30%. So, by 2030, it will reach nearly $12 billion. It simply means the demand for innovative and comprehensive elder care solutions is growing ever so fast to sustain and cater to the emerging needs of the elderly population in the country.
Funding in the elder care space was noteworthy, with some of the startups raising significant amounts this calendar year. Some of the notable ones are Kites Senior, Khyaal, and Samarth Life, which have collectively secured over $30 million. This is where one would start seeing the growth in interest and confidence in the senior care segment, even though funding picked up earlier. This trend seems to be towards self and recognition of the importance of addressing the unique requirements of the elderly population and fostering a supportive ecosystem that values their well-being and quality of life.
In summary, Primus Senior Living’s successful seed funding round focuses on the innovations the company is bringing to eldercare and finally, some investor confidence and support for initiatives focused on improving the lives of seniors. Given the wide expansion of services, reaching a wider section of demography, Primus would certainly shape the future of eldercare in India through innovation, community building, and personalized care-a holistic environment for old age that is inclusive and supportive of seniors’ lives.
