Primus Senior Living, an elder care startup, has raised $20 million in a seed fundraising round headed by General Catalyst, with participation from Zerodha co-founder Nikhil Kamath and Gruhas, an investment firm created by Kamath and Abhijeet Pai of the Puzzolana Group.
This is one of the most significant early fundraising rounds for an Indian startup in 2024. Notable mentions include the blockchain firm Avail, which got USD $27 million, and Mukesh Bansal's new venture, Lyskraft, which received $26 million. Furthermore, generative AI startups EMA and Nesya raised USD 25 million and USD 20 million, respectively. Centricity, a wealthtech business, also raised $20 million, signifying a considerable increase in initial fundraising this year.
Primus Senior Living, based in Bengaluru, is building a comprehensive eldercare platform that will provide a variety of services, including healthcare, wellness, lifestyle, and social engagement, all personalized to seniors at home.
Primus is also developing intergenerational communities where people of all ages may live, connect, and prosper together, providing surroundings that create meaningful relationships while meeting the changing requirements of elders. Currently, it offers a neighborhood of 500 homes meant for seniors to purchase, allowing them to live in a supportive atmosphere while also receiving additional services.
Primus intends to use the current funds to extend its services and deliver 3,500 homes across six cities, considerably increasing its effect in the eldercare sector. The elder living market in India is currently projected to be around $2-3 billion. It is expected to increase at a CAGR of more than 30%, potentially reaching $12 billion by 2030.
According to data from TheKredible, the elder care space saw modest funding in 2023, with Age Care Labs, Athulya, Genwise, and Kites Senior raising USD 11 million, USD 9.3 million, USD 3.5 million, and USD 2 million, respectively. However, in the current fiscal year, Kites Senior raised an additional USD 5.4 million, Khyaal secured USD 4.2 million, and Samarth Life raised USD 1.4 million. This takes the total amount raised in this field to more than USD 30 million thus far, suggesting a growing interest in senior care despite earlier funding hurdles.
