Age Care Labs, the parent company of Epoch and Emoha, is all set to revamp and expand its elder care offerings with a substantial $11 million investment. The move aims to build new care homes under the Epoch and Emoha brands, promising enhanced support for the elderly in the North and Western regions of India.
This latest infusion of funds is poised to bolster the expansion plans of the company, especially for its care home chain Epoch and the technology platform Emoha, across multiple regions in India.
Nikhil Kamath, the Co-founder of Gruhas and Zerodha, expressed optimism about the growing prospects of the elder care market. “Very few people are building for the elder care segment in India, and it ties in directly with the thesis for Gruhas when it comes to proptech. We are fairly bullish on this opportunity,” he stated, emphasizing the promising trajectory of the sector.
Saumyajit Roy, Co-founder and CEO of Emoha, highlighted the intended use of the raised capital. “The company will utilize the funds to expand the number of Epoch care homes in the north and western regions, while also focusing on bolstering Emoha’s presence across the north, west, and eastern parts of India,” he explained. Roy further added, “We are also exploring suitable merger or acquisition opportunities to augment our expertise in elder care and facilitate geographical expansion.”
Meanwhile, Neha Sinha, Co-founder and CEO of Epoch Elder Care, revealed the company’s strategic plans to scale operations. “Epoch will increase the number of clusters of homes in the cities it operates in and concentrate efforts on dementia daycare and caregiver training,” Sinha affirmed.
Age Care Labs Elder Care Homes Turn Profitable at 50% Occupancy
Shedding light on their operational model, she emphasized, “Our asset-light model involves leasing properties, partnering with operations and maintenance providers, and developers. Notably, our homes are profitable at 50% occupancy, and we anticipate a margin of 25% to 30% over the next year.”
It’s worth mentioning that Age Care Labs acquired Epoch Elder Care in August 2021, while Emoha had previously secured $5.23 million across multiple funding rounds. The eldercare industry has garnered heightened attention from both startups and investors in the post-pandemic era.
The investment round for Age Care Labs was led by Rainmatter Capital and Gruhas, with participation from notable investors such as Alok Oberoi, Ajay Srinivasan, and Lumis Partners, along with support from other key stakeholders.
Prominent figures like Ratan Tata have ventured into this space, with the launch of the companionship app for seniors, Goodfellows, in August 2022. Similarly, ventures like KareWise have made strides with their marketplace-based service for at-home elder care, highlighting the burgeoning potential in the sector and for Age Care Labs.
