As part of its pre-Series B funding round, elder care platform Age Care Labs has raised $11 million in fresh capital from fintech unicorn Zerodha’s investment arm Rainmatter Capital and proptech investment firm Gruhas.
Other investors who participated in the funding round include Alok Oberoi (executive chairman, Everstone Capital) and Ajay Srinivasan (ex-CEO, Aditya Birla Capital). Lumis Partners, which anchored Age Labs in 2019 with Saumyajit Roy, has further invested in this round as well. The platform aims to solve the complex needs of a growing and diverse ageing population.
Age Care Labs’ first business is Emoha, which is focused on solving elder health at home. It is a complex problem, disconnected across emergency, health, and engagement. The platform acquired Epoch Elder Care, co-founded by Neha Sinha, which offers asset-light care homes specialising in assisted living and dementia care.
Between Emoha and Epoch, the platform provides the full continuum of care for elders across all ages and health conditions. Alongside the founders, it has a strong leadership team with deep domain, technology and operating experience.
Looking for expansion
Emoha and Epoch intend to deploy funds to expand their points of presence across India. They would also make investments in product and tech for better customer experience. Both businesses will also look at M&A opportunities to expand inorganically in India.
“We believe that the key pillar of healthcare lies in addressing the unique needs of our senior population and Emoha’s innovative tech-driven solutions along with Epoch’s depth in dementia care are at the forefront of this vital transformation. At Gruhas, we believe, with shifting demographics the importance of providing comfortable and comprehensive care for our elders cannot be overstated. The commitment of Emoha and Epoch to enhance the quality of life for seniors by enabling them to live comfortably using the power of technology combined with their domain depth to provide round-the-clock care, is not just a smart investment—it’s a compassionate one that aligns with the changing dynamics of our society.” says Nikhil Kamath, co-founder Gruhas and Zerodha
“170 million sons and daughters in India want the best for their parents at all ages, they want more safety, health, convenience and an active engaged life for their parents/ guardians. With 42 million elders in urban India alone, this cohort is expected to grow 3x by 2050, Emoha and Epoch are committed to helping all parents age magnificently through deep geriatric expertise” says Saumyajit Roy, CEO and co-founder, Emoha Elder Care.
Age Care Labs acquired Epoch Elder Care in August 2021, while EMOHA has raised $5.23 million across multiple rounds prior to this. Age Care Labs operates in a segment which has seen increasing interest from start ups and investors post-pandemic. Ratan Tata announced the launch of a companionship app for seniors, Goodfellows, in August 2022. Others like KareWise offer a marketplace-based service for at-home elder care.