Athulya Senior Care raises Rs 77 cr from fund managed by Morgan Stanley

Financing one of largest for senior care sector in country, will help firm to expand services

Athulya Senior Care has got Rs 77 crore from a fund managed by Morgan Stanley India Infrastructure, making the deal one of the largest fundraise in the sector.

Athulya will use the money from North Haven India Infrastructure Partners for expansion. The company, which was founded in 2016, offers assisted living, transition care and home healthcare for dependent seniors older than 60. It manages more than 400 assisted living beds at facilities in Chennai and Bengaluru and has cumulatively served over 20,000 seniors.

With the funding, Athulya plans to expand services across South India by having some 2,500 beds and serving 50,000 seniors in the next two years. The company will launch palliative care services. According to the company, India needs 300,000 senior living units and the supply is 20,000 units.

“This strategic partnership with Morgan Stanley is a crucial step for Athulya towards raising the bar on high-quality, accessible care for the elderly. This funding will support our expansion and will help us in coming up with new facilities in multiple cities,” said Karthik Narayan, founder and managing director, Athulya Senior Care.

“The covid pandemic underscored the need for managed senior care in a safe, positive and fulfilling environment. We believe that Athulya will play a leadership role in accelerating the growth of the senior care ecosystem in India,” said Raja Parthasarathy, managing director and co-head of Morgan Stanley India Infrastructure.