SUMMARY
- General Catalyst India plans to invest $10M in senior living platform Primus Life to expand beyond tech.
- The VC firm aims to invest $500M to $1B in India, focusing on growth-stage and early-stage startups.
- Primus Life operates senior living facilities and reported significant revenue growth from ₹25.3 Cr to ₹66.8 Cr in FY23.
General Catalyst India is reportedly in discussions to invest around $10 million in Primus Life, a senior living platform. As venture capital firms seek better returns amid a market slowdown, many are expanding their focus beyond the tech sector. The VC firm, which is a component of General Catalyst’s worldwide fund, will handle the investment.
Previously known as Venture Highway, General Catalyst India was acquired by Silicon Valley-based General Catalyst in June, and this investment would be one of the company’s initial moves to boost its footprint in the nation.
Before acquiring Venture Highway, General Catalyst’s portfolio, was mostly focused on internet businesses, including Canva, HubSpot, and Airbnb in the US and Cred, Uni, and Spinny in India. This represents a slight shift in the company’s investment in Primus Life.
Moglix and Meesho are two other internet firms that Venture Highway has historically supported. But the present action fits in with the larger pattern of Indian venture capital firms, since over the last 18 months, IT investments have decreased. Additionally, General Catalyst India is making its second growth venture capital deal with this proposed investment.
The venture capital firm intends to invest $500 million to $1 billion in India. It co-led Accel’s $27.5 million seed Series A fundraising round for Nurix AI, which Mukesh Bansal founded, last month.
Hemant Taneja, the CEO and Managing Director of General Catalyst stated in interviews with the media that the company would look at both growth-stage and early-stage investments in India after acquiring Venture Highway.
Primus Life is the owner of a chain of senior living facilities with individualized care plans and wellness features. Over 2,000 senior homes are currently being delivered by the company, which joined the Mumbai market in March of last year. According to its website, the firm is prepared to launch in Hyderabad and Kolkata.
Primus Life reported revenue of ₹66.8 crore in FY23 as opposed to ₹25.3 crore in FY22, per Tracxn. The company turned a deficit of ₹4.9 crore in FY22 to a net profit of ₹24.1 crore in the same year.
