Eldercare services provider Geri Care bags Rs 110 Cr from InvAscent
Summary
Geri Care Health Services, a senior citizen-focused healthcare provider, has secured Rs 110 crore in its first institutional fundraise from InvAscent, a private equity firm that invests in the healthcare and life sciences sectors.The investment, made through InvAscents India Life Sciences Fund IV (ILSF IV), gives the firm a minority stake in the company, it said in a statement on Monday.Founded in 2018 by geriatrician Dr Lakshmipathy Ramesh, Chennai-based Geri Care provides a 360-degree care model for senior citizens, including multi-speciality hospitals, assisted living centres, home care services, and clinics.The senior care startup will use the funds to expand its footprint across key cities in Southern India, including Bengaluru, Hyderabad, Kochi, and Coimbatore. This quarter, the firm plans to launch new assisted living facilities in Ulsoor, Bengaluru, and Velachery in Chennai.At Geri Care, we strive to make best-in-class geriatric care accessible to our senior community and their families to enhance the quality of their life and promote independence, well-being, and dignity. We are excited to partner with InvAscent to further our mission of providing holistic and compassionate care to the elderly. We are very excited to partner with Dr Ramesh and the team of Geri Care in their growth journey. Our investment aims to support Geri Cares expansion plans and enhance its capabilities to address the growing needs of the elderly population in India, said Nithya Govind, Managing Director of InvAscent.Hyderabad-based InvAscent manages an asset under management (AUM) of over $800 million, with a portfolio spanning more than 35 companies across pharmaceuticals, healthcare delivery, medical devices, animal health, nutraceuticals, and healthtech sectors.Veda Corporate Advisors acted as the exclusive financial advisor to Geri Care for this transaction.