Kite’s Senior Care, an eldercare startup, has recently raised a substantial Rs 45 crore in a Series A funding round. This financial milestone, led by Ranjan Pai of Manipal Education and Medical Group, is set to enhance the company’s presence across Southern India and further its commitment to providing comprehensive geriatric care.
Pioneering Geriatric Care
Kite’s Senior Care has established itself as a pioneer in the field of geriatric care, offering a suite of services tailored to the elderly. With a focus on post-operative and rehabilitative care, palliative support, dementia care, and more, the startup has been a beacon of hope for many families.
The recent influx of funds will be instrumental in deepening Kite’s reach in existing cities such as Bengaluru, Hyderabad, and Chennai, while also enabling expansion into three new cities. This strategic growth is indicative of the company’s dedication to making quality elderly care accessible to a broader demographic.
Expansion and Innovation
The Series A funding will also facilitate Kite’s Senior Care’s ambitious plans to increase its bed capacity significantly. From the current 340 beds, the company aims to expand to over 1,000 beds within the next year and a half. This expansion is not just about numbers; it’s about enhancing the quality of life for seniors through innovative care solutions.
Moreover, the company is set to grow its team of care professionals from 400 to over 1,500, ensuring that each senior receives personalized and compassionate care. This human-centric approach is at the heart of Kite’s philosophy and is a key driver of its success.
Financial Health and Projections
With a clear vision and solid financial backing, Kite’s Senior Care is on track for a fourfold growth in revenue, aiming to reach approximately Rs 175 crore. The company’s economic model is robust, with a focus on achieving cash break-even for individual facilities at 50% occupancy, which typically occurs within a year of operation.
At peak occupancy levels, the company’s facility-based care units are expected to provide an EBITDA of around 27 to 30%. This financial health is a testament to Kite’s operational efficiency and its ability to deliver high-quality care while maintaining economic sustainability.
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