PE Fund Investments
Eldercare services provider Geri Care bags Rs.110-Cr from InvAscent
Chennai-based senior citizen-focused healthcare provider Geri Care has raised INR 110 crore in its first institutional fundraise, from InvAscent. The investment was made through InvAscent's India Life Sciences Fund IV, which will have a minority stake in the company.The new funds will be used to expand the firm’s footprint across Bengaluru, Hyderabad, Kochi, and Coimbatore. The company also plans to launch assisted living facilities in Ulsoor, Bengaluru, and Velachery in Chennai this quarter.Founded in 2018 by geriatrician Dr.Lakshmipathy Ramesh, Geri Care provides a 360-degree care model for senior citizens, including multi-speciality hospitals, assisted living centres, home care services, and clinics.
For FY24, Geri Care had reported about INR 57 Cr in Operating Income and about INR 12 Cr in Net Loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
