Transaction:
- Healthcare and life sciences focused PE investor, InvAscent, through India Life Sciences Fund IV (ILSF IV), has invested INR 1,100 million in Geri Care Health Services, India’s first integrated senior citizen-focused healthcare services provider for a minority stake.
About Geri Care Health Services:
- Founded in 2018 by leading geriatrician, Dr. Lakshmipathy Ramesh, Geri Care offers a comprehensive 360-degree continuum care model for senior citizens, with a network of speciality hospitals, assisted living centers, home care, and clinics.
- It has served 10,000+ elderly people in South India, particularly in Chennai.
About InvAscent:
- InvAscent is India’s leading life sciences PE firm managing an AUM of over USD 800 million with investments in over 35 companies across pharma, healthcare delivery, medical devices, animal health, nutraceuticals, and healthtech industries.
- The portfolio investments include Fleming laboratories limited, Oasis Fertility, Accumax, MediBuddy, HCG Hospitals and Maiva.
Rationale:
- The funds will be utilized to expand its services across key cities in Southern India, including Bengaluru, Hyderabad, Kochi, and Coimbatore and to launch new assisted living facilities in Ulsoor (Bengaluru) and Velachery (Chennai).
- This partnership will enable Geri Care to enhance its infrastructure and services, expanding its reach to more senior citizens in need of specialized care.
- Geri Care’s focus on delivering best-in-class geriatric care aligns with InvAscent’s investment philosophy of supporting high-quality healthcare services that improve lives.
- Geriatric care involves healthcare and support services designed to meet the specific needs of older adults, enhancing their well-being, independence, and quality of life. According to reports, India’s senior citizen population is expected to reach 194 million by 2031, and specialized healthcare services for senior citizens remain underdeveloped, creating a significant opportunity for providers like Geri Care.
- The Indian Geriatric care market, valued at US$ 25.7 billion in 2021, is expected to grow to US$ 42.2 billion by 2028, at a CAGR of 7%.
- Major players in the Indian market include Emoha Elder Care, Antara Senior Care, Nisarg Care, Nema Care, Pirmal Swasthya and Tata Trust.
- Earlier, Morgan Stanley invested Rs. 77 Crore in Athulya Assisted Living, while Quadria-backed HCAH acquired Nightingales Home Health Services.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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