Kites Senior Care, a Bengaluru-based elderly care startup, has made headlines by securing Rs 45 crore in a Series A funding round. Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), led the funding round through his family office.

As per the startup, the freshly raised funds will be used to deepen its presence in cities like Bengaluru, Hyderabad, and Chennai. The funding will also enable the startup to facilitate expansion into three additional cities across Southern India.

Kites Senior Care | Geriatric Care Specialist

Founded by Rajagopal and Reema in 2016, Kites Senior Care is a geriatric care service provider that specializes in a range of geriatric services, including post-operative and post-hospitalization rehabilitative care, dementia care, palliative care, and respite care, both within care facilities and at the residences of senior citizens. Presently, the Bengaluru-based elderly care startup has a team of 400 care professionals, which the startup aims to grow to over 1500.

Speaking on the development, Rajagopal, Co-founder of Kites Senior Care, highlighted that upon full deployment of the investment and achieving 80 to 85% occupancy in its 1098 beds, the elderly care startup expects a fourfold growth in its revenue to approximately Rs 175 crore.

Rajagopal, while discussing the company’s revenue projections, stated that the firm should be able to do a cash break-even for individual facilities once they hit a 50% occupancy level, which happens within 12 months from the time they get started.

Statement from the Investor

Commenting on the development, Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), said,

“We have closely observed Kites’ deliver the promised plan and building solid foundations of a scalable growth model. This has encouraged us to commit further capital to grow the business to the next stage.”

The Bengaluru-based startup has outlined its plans to utilize the freshly raised funds to augment its bed capacity to over 1,000 within the next six quarters, up from the current number of 340. Kites Senior Care also aims to complete the pilot expansion of its tech platform ‘seniorshield,’ leveraging wearable technology from Titan Fastrack.

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