Athulya Senior Care raises Rs 77 crore from Morgan Stanley-managed fund

CHENNAI: Senior care services provider Athulya has raised Rs 77 crore ($ 9.3 million) funding from North Haven India Infrastructure Partners, a fund managed by Morgan Stanley India Infrastructure.This is the company's first external funding round and the largest single raise for a company in this sector.Founded in 2016 by Karthik Narayan, Srinivasan G, and J Krishna Kavya, Athulya offers assisted living, transition care and home healthcare to dependent seniors over the age of 60 and is also looking to launch palliative care services soon.The company, which currently manages more than 400 assisted living beds across multiple facilities in Chennai and Bengaluru, intends to expand its services across south India to reach more than 2,500 beds and serve over 50,000 seniors in the next two years. "We are looking at setting up a presence in Kochi, Coimbatore, Thiruvananthapuram and other large cities in the south as part of expansion," Srinivasan G, founder & CEO, Athulya Senior Care, told TOI. "This investment will help Athulya focus on talent acquisition, infrastructure development and skill training, thereby creating direct and indirect employment opportunities for around 2,000 people across the country," he added. With India's elderly population expected to more than double over the next three decades and with increasing nuclearization of families and migration, the demand for outsourced senior care is set to increase exponentially. Raja Parthasarathy, MD and co-head of Morgan Stanley India Infrastructure, says Athulya will play a leadership role in accelerating growth of the senior care ecosystem in India.