Elder care startup Primus Senior Living has successfully raised $20 million in a seed funding round led by General Catalyst, with contributions from Nikhil Kamath, co-founder of Zerodha, and Gruhas, an investment firm established by Kamath and Abhijeet Pai of the Puzzolana Group.
This funding marks one of the largest seed rounds for an Indian startup in 2024, alongside notable seed investments in Avail ($27 million), Lyskraft, founded by Mukesh Bansal ($26 million), and generative AI startups EMA and Nesya, which raised $25 million and $20 million, respectively. Wealthtech startup Centricity also raised $20 million, highlighting significant momentum in seed-stage funding this year.
Bengaluru-based Primus Senior Living is developing a comprehensive eldercare platform, offering a wide array of services such as healthcare, wellness, lifestyle, and social engagement, all customized for seniors within their homes. The company is also pioneering intergenerational communities, where people of all ages can connect, live, and thrive together, fostering meaningful relationships and addressing the evolving needs of seniors. Currently, Primus operates a community of 500 senior-designed homes that offer supportive living along with additional services.
With the fresh capital, company plans to scale its services, aiming to deliver 3,500 homes across six cities, significantly expanding its footprint in India’s elder care market, which is currently valued at $2 to $3 billion and projected to grow at a CAGR exceeding 30%, potentially reaching $12 billion by 2030.
In comparison, data from TheKredible reveals limited funding activity in the elder care space in 2023, with startups like Age Care Labs ($11 million), Athulya ($9.3 million), Genwise ($3.5 million), and Kites Senior ($2 million) receiving investments. However, 2024 has seen renewed interest, with Kites Senior securing an additional $5.4 million, Khyaal raising $4.2 million, and Samarth Life bringing in $1.4 million, bringing the total funds raised in this sector to over $30 million.