Summary:

  • Founded by Adarsh Narahari, Primus operates a community of 500 homes specifically designed for seniors to purchase.

  • This round was led by General Catalyst, with notable participation from Nikhil Kamath.

  • The $20 million funding will help Primus expand its offerings and scale up its operations.

Primus Senior Living, an eldercare startup based in Bengaluru, has secured $20 million in a seed funding round, one of the largest for an Indian startup in 2024. This round was led by General Catalyst, with notable participation from Nikhil Kamath, co-founder of Zerodha, and Gruhas, an investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group. This significant funding highlights a growing interest in elder care solutions, which is emerging as a crucial sector in India’s rapidly ageing population.

The scale of Primus’s funding sets it apart in the 2024 startup landscape, alongside other notable seed rounds such as the $27 million raised by blockchain startup Avail, the $26 million secured by Mukesh Bansal’s new venture Lyskraft, and the $25 million raised by generative AI startup EMA. Other major rounds include wealthtech startup Centricity’s $20 million seed round and Nesya’s $20 million for generative AI, making it a particularly active year for seed investments across diverse industries.

Primus Senior Living aims to revolutionize eldercare by developing a comprehensive platform that offers a wide range of services tailored specifically for seniors. These services span healthcare, wellness, lifestyle, and social engagement, with a focus on providing personalized care within the comfort of their homes. The startup’s approach emphasizes helping seniors live healthier, more fulfilling lives while maintaining their independence. What sets Primus apart is its commitment to creating intergenerational communities—spaces where people of all ages live together, fostering social interaction and meaningful connections.

Founded by Adarsh Narahari, Primus operates a community of 500 homes specifically designed for seniors to purchase. This allows residents to live in a supportive environment, with access to the additional services they need as they age. The company’s model is focused on integrating seniors into a vibrant community while ensuring they have tailored support at their fingertips. This approach caters not only to their physical needs but also to their emotional and social well-being.

The $20 million funding will help Primus expand its offerings and scale up its operations. The startup plans to deliver 3,500 homes across six cities in the near future, marking a significant expansion that will allow it to reach a broader population of seniors in need of these specialized services. The eldercare market in India is seeing rapid growth, and Primus’s latest initiative positions it well to become a key player in this space.

India’s senior living market, currently valued between $2 billion and $3 billion, is projected to grow at a compound annual growth rate (CAGR) of more than 30% over the next several years. By 2030, the market could reach an estimated $12 billion, reflecting the increasing demand for services and communities tailored to the aging population. Primus is tapping into this evolving market with its holistic, community-focused approach, meeting the demands of a demographic that is both growing and changing in its expectations for care.

While the eldercare sector has historically seen limited investment, there has been a marked shift in recent years. In 2023, eldercare startups like Age Care Labs, Athulya, Genwise, and Kites Senior raised modest sums, ranging from $2 million to $11 million. However, 2024 has seen a surge of interest and capital flow into the sector, with companies like Kites Senior raising an additional $5.4 million, Khyaal securing $4.2 million, and Samarth Life bringing in $1.4 million. In total, eldercare startups have raised more than $30 million so far this year, a clear indication that the market is gaining momentum.

Primus Senior Living’s ability to attract a large seed round, alongside well-established investors like General Catalyst and Nikhil Kamath, underscores the growing recognition of the potential in eldercare solutions. As the startup scales, it aims to redefine senior living in India, creating communities that promote well-being, independence, and meaningful connections. With the eldercare market set to grow exponentially in the coming years, Primus is well-positioned to lead the charge in addressing the unique needs of seniors across the country.