Age Care Labs, an elder care startup, has raised $1.2 million from private security company SIS Limited as part of a strategic fundraising round. Acquiring roughly 4% of Age Care Labs for INR 10.16 crore, SIS Limited valued the elder care company at approximately INR 254 crore.
Age Care Labs was established in 2019 and provides seniors with emergency and medical help at the convenience of their own homes under the Emoha brand. According to SIS Limited, the agreement will take advantage of the synergies between Age Care Labs’ unique solutions and the security firm’s several companies.
“This collaboration holds the potential for significant advantages to SIS’s alarm monitoring and response solution and pest control businesses, along with additional services, such as cash-to-home delivery and assistance with daily chores, catering to the unique needs of the elderly population,” said SIS Limited managing director Rituraj Kishore Sinha.
Sinha also said that the partnership offers the opportunity of upskilling its 2.85 lakh staff in basic geriatric services and could help facilitate the lateral entry of SIS Limited into the elder care services in the long run.
“This extensive training can be facilitated by SIS’s pan-India training centers and 400 offices, which can be utilized for last-mile training and support. This partnership will not only benefit SIS staff but also our clients and their families. Furthermore, SIS overseas offices can assist in sales coordination for expatriates with aged parents living in India,” added Sinha.
About Age Care Labs
Age Care Labs was established in 2019 by Lumis Partners under the direction of Saumyajit Roy. It provides seniors with emergency help, engagement, and health services in the comfort of their own homes under the Emoha brand.
