Geri Care Health Services, an integrated healthcare provider specializing in senior citizen care, has raised ₹110 crore ($13 million) in its first institutional funding round. The investment, led by InvAscent through its India Life Sciences Fund IV (ILSF IV), grants the investor a minority stake in the company. Geri Care was founded in 2018 by Dr. Lakshmipathy Ramesh, a veteran geriatrician, who also serves as its Managing Director. The company is currently helmed by CEO Dr. Srivathsan Ramesh.
Expansion Plans
The newly acquired funds are earmarked for expanding Geri Care's services into key cities across Southern India, including:
- Bengaluru
- Hyderabad
- Kochi
- Coimbatore
In the upcoming quarter, the company plans to launch new assisted living facilities in Ulsoor, Bengaluru, and Velachery, Chennai.
About Geri Care
Geri Care offers a comprehensive 360-degree continuum care model tailored for senior citizens. Their services encompass:
- Multi-specialty hospitals
- Assisted living centers
- Home care services
- Clinics exclusively for the elderly
The company is also pioneering specialty centers of excellence in:
- Geriatric oncology
- Geriatric urology
- Geriatric cardiology
- Ortho-geriatrics
These initiatives aim to provide a seamless continuum of care for elders.
Statements from Leadership
Dr. Lakshmipathy Ramesh, Founder and Managing Director of Geri Care Health Services, stated, "At Geri Care, we strive to make best-in-class geriatric care accessible to our senior community and their families, enhancing their quality of life, promoting independence, well-being, and dignity. We are excited to partner with InvAscent to further our mission of providing holistic and compassionate care to the elderly. Their investment and partnership will enable us to expand our services and reach more seniors in need of specialized healthcare."
Nithya Govind, Managing Director of InvAscent, commented, "This partnership reflects our commitment to supporting innovative healthcare solutions in India. Geri Care’s specialized focus on elder care addresses a critical need, and we are excited to contribute to its growth."
Our Opinion on the News
The investment from InvAscent underscores the growing demand for senior care services in India, fueled by an aging population and rising awareness of geriatric health needs. Geri Care’s integrated care model positions it as a key player in this niche market, particularly with its expansion into Southern India. This strategic infusion of funds could enable the company to capitalize on the significant untapped potential in the elder care segment, setting a benchmark for similar players in the industry.