Primus Senior Living, an eldercare startup based in Bengaluru, has raised $20 million in seed funding, marking a significant milestone in India’s growing senior care market.
The funding round was led by General Catalyst, with notable participation from Zerodha co-founder Nikhil Kamath and Gruhas, an investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group.
This seed funding round is one of the largest for an Indian startup in 2024. It follows other major deals in the Indian startup ecosystem, including blockchain startup Avail, which secured $27 million, and Mukesh Bansal’s new venture, Lyskraft, which raised $26 million. Generative AI companies like EMA and Nesya, alongside wealthtech platform Centricity, have also been prominent players, each raising $20 million or more in seed rounds this year.
Primus Senior Living is focused on redefining the senior care space in India by creating a holistic platform for eldercare. Its services encompass healthcare, wellness, lifestyle, and social engagement, all designed to help seniors lead comfortable and fulfilling lives from the comfort of their homes. The company is also working on developing intergenerational living communities, where people from different age groups can interact and build meaningful connections. This innovative approach addresses the need for vibrant and supportive environments that meet the evolving needs of the aging population.
Currently, Primus operates a senior living community comprising 500 homes, where residents can enjoy access to healthcare services, social activities, and wellness programs. With the fresh influx of capital, the startup aims to expand its footprint by delivering 3,500 additional homes across six Indian cities, making a significant impact on the eldercare industry.
The senior living market in India is on the cusp of exponential growth. Currently valued between $2 and $3 billion, it is expected to expand at a compound annual growth rate (CAGR) of over 30%, potentially reaching a valuation of $12 billion by 2030. This market growth reflects the rising demand for senior care solutions as India’s population ages and more families seek high-quality services tailored to seniors.
The eldercare startup ecosystem in India has been gradually gaining traction. In 2023, notable eldercare startups like Age Care Labs, Athulya, Genwise, and Kites Senior raised $11 million, $9.3 million, $3.5 million, and $2 million, respectively. So far in 2024, Kites Senior secured an additional $5.4 million, Khyaal raised $4.2 million, and Samarth Life obtained $1.4 million in funding. These deals have collectively pushed the total capital raised in the senior care space this year past $30 million, underscoring growing investor interest despite the previous funding challenges faced by the sector.
With its innovative approach and a strong network of investors, Primus Senior Living is poised to become a leader in the eldercare market, offering comprehensive solutions that cater to the diverse needs of seniors across India.
