Chennai based senior citizen care service provider Athulya, announced on Tuesday that it has raised Rs 77 crore (USD 9.4 million) from North Haven India Infrastructure Partners, a fund run by Morgan Stanley India Infrastructure, to expand its services. The fund raised would be used for the company's upcoming goals for expansion plans.
Athulya is a senior care service provider that helps taking care of elders who are recovering from serious illness or post-surgery. They provide these services, at patient's home and at their homecare facility too.
Founders of Athulya senior care, Karthik Narayan, Srinivasan G, and J Krishna Kavya, who previously worked for various healthcare organizations both domestically and abroad. Athulya is transforming more than 20,000 senior citizen's life. They currently have presence in Chennai and Bengaluru.
Athulya senior care said, "With the funding (raised) Athulya intends to expand its services across South India to reach over 2,500 beds and serve over 50,000 seniors in the next two years". With more than 2,000 employees projected to be hired, the expansion plans would generate a significant amount of opportunities for service employees.
Karthik Narayan said, "This strategic partnership with Morgan Stanley is a crucial step for Athulya towards raising the bar on high-quality, accessible care for the elderly". Also this investment would help them establish new facilities in new cities.
He also expressed, "We are very excited about our partnership with Morgan Stanley, and we feel that they understand the importance of serving an ageing population with a care-first philosophy."