SUMMARY
- Primus Senior Living has secured $20 million in its seed funding round led by General Catalyst.
- Zerodha co-founder Nikhil Kamath, and Gruhas of the Puzzolana Group also participated in the round.
- This funding will help Primus broaden its offerings and expand to 3,500 homes across six cities.
Elder care startup Primus Senior Living has secured $20 million in its seed funding round led by General Catalyst, with contributions from Zerodha co-founder Nikhil Kamath, and Gruhas, an investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group.
This funding round marks one of the largest seed funding for a startup in India in 2024. Avail managed to raise $27 million, and Mukesh Bansal’s latest venture, Lyskraft bagged $26 million. Moreover, generative AI startups EMA and Nesya have each secured $25 million and $20 million, respectively. The wealthtech startup Centricity has also raised $20 million, highlighting a significant surge in seed funding in 2024.
Primus Senior Living is in the process of creating a holistic eldercare platform that offers a variety of services, including healthcare, wellness, lifestyle, and social interaction, all designed for seniors living at home.
The Bengaluru-based company is also developing communities that serves people of all ages, allowing them to live, connect, and flourish together, thereby creating spaces that promote deep relationships and address the changing needs of seniors. At present, it operates a community of 500 homes available for purchase by seniors, providing them with a supportive living environment and access to additional services.
This funding will help Primus’ plans to broaden its offerings and expand to 3,500 homes across six cities, significantly enhancing its presence in the eldercare industry.
The senior living sector in India is currently valued at between $2 to $3 billion and is expected to grow at a compound annual growth rate (CAGR) of over 30%, potentially reaching $12 billion by 2030.
The elder care sector saw limited funding in 2023, with Age Care Labs, Athulya, Genwise, and Kites Senior securing $11 million, $9.3 million, $3.5 million, and $2 million, respectively. However, in 2024, Kites Senior has managed to raise an extra $5.4 million, Khyaal has secured $4.2 million, and Samarth Life has bagged $1.4 million. This has led to a total funding of over $30 million in the sector so far, showing a growing interest in senior care despite challenges faced in the past.
