PRNewswire
Chennai (Tamil Nadu) [India], January 29: Geri Care Health Services, India's first integrated senior citizen-focused healthcare services provider today announced that healthcare and life sciences focused private equity investor InvAscent, through its India Life Sciences Fund IV (ILSF IV), has infused INR 110 crore for a minority stake in the company in its first institutional fundraise.
Founded in 2018 by renowned geriatrician, Dr. Lakshmipathy Ramesh, Geri Care offers a comprehensive 360-degree continuum care model for senior citizens, with a network of multi-speciality hospitals, assisted living centres, home care, and clinics, exclusively for senior citizens. As pioneers of integrated geriatric care and leaders in the space with over 50 years of combined geriatric practice expertise, Geri Care is a trusted name in eldercare, serving tens of thousands of elders in South India, particularly in Chennai.
Geri Care intends to utilise the funds to expand its services across key cities in Southern India, including Bengaluru, Hyderabad, Kochi, and Coimbatore. The Company is gearing up to launch its newest assisted living facilities this quarter in Ulsoor in Bengaluru, and Velachery in Chennai. The company is also building first of its kind speciality centres of excellence in Geriatric Oncology, Geriatric Urology, Geriatric Cardiology and Ortho-Geriatrics through its chain of multi-speciality hospitals exclusively for elders.
Dr. Lakshmipathy Ramesh, Founder & Managing Director of Geri Care Health Services said, "At Geri Care, we strive to make best-in-class Geriatric Care accessible to our senior community and their families, and to enhance the quality of their life, 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. The InvAscent team with their deep understanding of the healthcare space, will be valuable partners in this growth journey. Their investment and partnership will enable us to expand our services and reach more seniors in need of specialised healthcare."
Nithya Govind, Managing Director, InvAscent said, "Geri Care is a pioneer in creating an innovative continuum care model, redefining eldercare in India. 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 Care's expansion plans and enhance its capabilities to address the growing needs of the elderly population in India."
Veda Corporate Advisors served as the exclusive financial advisor to Geri Care for this transaction.
About InvAscent:
InvAscent is India's leading life sciences private equity firm managing an AUM of over USD 800 million with investments in over 35 companies across pharma, healthcare delivery, medical devices, animal health, nutraceuticals, and healthtech industries. For more information about InvAscent, please visit https://www.invascent.com/.
About Geri Care:
Geri Care is India's first elder-care service run by Geriatricians. Founded in 2018 by Dr. Lakshmipathy Ramesh, Chennai's most respected and renowned geriatricians, with decades of combined experience of its team in serving senior citizens, Geri Care has emerged as a trusted name in specialised geriatric care.
From personalised home care to advanced clinical interventions, and from hospital-based services to assisted living services for respite care, rehabilitation care, dementia care, and palliative care, Geri Care provides a seamless continuum of 360-degree care for elders. Geri Care also runs India's first of its kind multi-speciality hospitals exclusively for senior citizens and is rapidly expanding its network of state-of-the-art assisted living centres in Chennai and Bengaluru currently. For more information about Geri Care, please visit https://www.gericare.in/.
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