Healthtech Startup Age Care Labs Bags INR 10.16 Cr from SIS Limited to Offer Elderly Care

The investment deal will facilitate expansion of SIS Limited’s portfolio to include services for hospitals and Resident Welfare Associations (RWAs).

SIS Limited (SIS), a leading player in the fields of security, facility management, and cash logistics, has made a significant investment of INR 10.16 Cr in healthtech startup Age Care Labs.

Age Care Labs is the parent platform of Emoha Elder Care and Epoch Elder Care. The healthtech startup previously secured funding from several family offices, HNIs, and institutional funds Singularity Ventures, Rainmatter Capital, and Gruhas.

As per the deal, SIS Limited will acquire approximately 4.00% shareholding in the platform.

This strategic move by SIS represents a significant step towards diversification into the burgeoning B2C segment.

The partnership will also facilitate the expansion of SIS Limited’s portfolio to include services for hospitals and Resident Welfare Associations (RWAs).

Driven by SIS Ventures, the investment arm of SIS Limited, the deal marks the third investment following previous investments in Staqu Technologies and Entitled Solutions.

The venture focuses on investing in early-stage tech-enabled companies offering synergistic adjacencies, thereby enhancing value for customers and employees, the company said.

Rituraj Kishore Sinha, MD, SIS Limited, emphasized the strategic importance of this investment for advancement into the B2C segment and Facility Management Services.

“This collaboration holds the potential for significant advantages to SIS’s Alarm Monitoring & Response Solution and Pest Control businesses, along with additional services, such as cash-to-home delivery and assistance with daily chores, catering to the unique needs of the elderly population,” Sinha said.

Age Care Labs’ Offerings

Emoha Elder Care, one of the businesses under the Age Care Labs platform addresses the complex needs of aging parents across various dimensions, including emergency response, healthcare, and engagement.

Per the startup, it aims to empower sons and daughters by ensuring their parents age gracefully in the comforts of their homes.

Epoch Elder Care, on the other hand, specializes in providing asset-light care homes that offer assisted living and dementia care services.

Together, these platforms offer a comprehensive continuum of care for elders, catering to various health conditions and age-related challenges.

Saumyajit Roy, CEO and cofounder, Emoha Elder Care, said “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.”

SIS Limited’s Future Outlook

According to SIS Limited, currently, it provides services in 125 condominiums across Delhi-NCR. Apart from this, it also has a presence in major cities of India such as Kolkata and Bengaluru.

Its extensive workforce includes 2,85,000 full-time staff which can be upskilled in basic geriatric services for a seamless transition into elder care services.

The company believes the partnership will create opportunities for international expansion, wherein SIS's overseas offices can potentially assist in sales coordination for expatriates with aged parents living in India.

Elderly Care in India

While the elderly care market in India is still at a nascent stage, it is growing rapidly as the senior population grows to account for 20% of the country's population by 2050.

The market for senior living in India was valued at about $10.15 billion as of 2022 and is expected to reach a significant size by 2030, with a growing demand for both medical and non-medical senior care products.

This surge in the total addressable market (TAM) is driving growth in the senior care market, with healthcare constituting 31% of senior citizens' total spending.

Highlighting the escalating prevalence of dementia and chronic conditions among the elderly in India, Neha Sinha, CEO and cofounder, Epoch Elder Care, said “The prevalence of dementia in India has risen to about 7.4% which means, about 8.8 million people above the age of 60 are living with dementia.’’

She further noted that above the age of 70, more than 50% of people suffer from one or more chronic conditions.

‘’The need for specialized care for seniors becomes a top priority as healthcare spending & burden increase hand in hand with longevity,” Sinha added.

The market is seeing a shift in consumer behavior, with senior citizens becoming more experimental and tech-savvy, investing in various medical and non-medical senior care products that add comfort, safety, and convenience to their lives.

The demand for senior care products, including low-tech and high-tech assistive devices, is expected to grow significantly, with a focus on IoT products such as AI-based smart devices, assistive furniture, communication aids, and therapy devices.