In a significant boost for the eldercare sector, Primus Senior Living has successfully raised $20 million in a seed funding round led by General Catalyst. The funding round also saw participation from notable investors, including Nikhil Kamath, co-founder of Zerodha, and Gruhas, the investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group.
This funding round stands out as one of the largest seed funding rounds for an Indian startup in 2024. It highlights a revitalized interest in the eldercare sector, which has often struggled to secure substantial funding. For context, other notable funding rounds this year include the blockchain startup Avail, which raised $27 million, and Mukesh Bansal’s new venture, Lyskraft, which secured $26 million. In the generative AI sector, startups EMA and Nesya raised
Based in Bengaluru, Primus Senior Living is committed to creating a comprehensive eldercare platform that provides a wide range of services tailored specifically for seniors. These services encompass healthcare, wellness, lifestyle, and social engagement, all designed to enhance the quality of life for elderly individuals in their homes.
Moreover, Primus is pioneering the concept of intergenerational communities, where people of all ages can live and thrive together. This approach aims to foster meaningful relationships and cater to the evolving needs of seniors, ultimately creating a more vibrant community. Currently, the company operates a community of 500 homes designed for seniors to purchase, offering them a supportive environment while providing access to various additional services.
With this recent influx of funding, Primus plans to scale its operations significantly. The company aims to deliver 3,500 homes across six cities, thereby amplifying its impact in the eldercare sector.
The senior living market in India is currently valued between $2 billion to $3 billion and is projected to experience a compound annual growth rate (CAGR) exceeding 30%. Analysts predict that the market could reach approximately $12 billion by 2030.
Despite a challenging funding landscape in 2023, where companies like Age Care Labs, Athulya, Genwise, and Kites Senior raised modest amounts ranging from $2 million to $11 million, the tide seems to be turning. In the current calendar year, Kites Senior raised an additional $5.4 million, while Khyaal secured $4.2 million, and Samarth Life brought in $1.4 million. This cumulative funding of over $30 million indicates a growing interest in senior care solutions, paving the way for future innovation and investment in this essential sector.
