Healthcare/Single Speciality Space
Veda advises Geri Care, a leading geriatric chain in its Series A fund raise from InvAscent
About
Geri Care
Geri Care is India’s 1st elder-care service run by Geriatricians. Founded in 2018 by Dr. Lakshmipathy Ramesh, 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 1st 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, visit https://www.gericare.in/
InvAscent
InvAscent is the investment advisor to a family of funds that operate under the name “India Life Sciences Fund” or ILSF. It has so far raised ~ USD 500 Mn from global investors across three funds and deployed the same in 35 companies across Pharma, Healthcare Delivery, HealthTech, Medical Devices, and Animal Health industries. The investment team at InvAscent has deep domain expertise and a track record of value creation in the Life Sciences space. For more information, visit https://www.invascent.com/
Background
We are pleased to announce that our client, Geri Care Health Services Private Limited (“Geri Care”) has successfully raised growth funding of INR 1,100 Mn from InvAscent, a leading healthcare and life sciences focussed private equity investor. The funds will be used to expand its services across key cities in Southern India including Bengaluru, Hyderabad, Kochi, and Coimbatore.
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.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Company and its promoters. Veda provided comprehensive transaction advisory services covering identification of prospective investors, strategic positioning including deal structuring, assistance in due diligence, negotiation and finalisation of key commercial terms, leading to the successful closure of the transaction.
This marks VedaCorp’s 58th transaction in healthcare and life sciences space and 17th transaction in single specialty space straddling across 8 sub segments viz., eye care, mother & child, geriatrics, oncology, nephrology, dental, diabetology, and audiology. This investment reflects growing interest among investors in the geriatrics space.
“We started Geri Care with an idea and lot of passion. Veda team met me way back in 2021 about the pioneering work we were doing and how this needs to be nurtured, we had no clue of the impact we were making in the market. It’s been a long & enjoyable journey since then and we are thankful for their steadfast belief in Geri Care.”
Dr. Lakshmipathy Ramesh
Founder, Geri Care Health Services Private Limited
“At the end of my first meeting with Veda team I knew we had a long-term ally who could help the founder reach for the stars. From creating the business plan to market scan, workshops on long and short-term objectives, the strategic road map and structuring the fund raises Veda was involved in everything. This fund raise is as much a validation of Veda’s ability to guide a first time entrepreneur.”
K.S Ravi Shankar
President, Geri Care Health Services Private Limited
“This is among the largest transactions in the fast emerging Elder Care segment in India and reinforces the unique and attractive positioning of Geri Care as a continuum care model. We are delighted to partner with Dr. Lakshmipathy Ramesh in the growth journey of Geri Care. With this funding, the company is well poised to extend its presence across key South Indian cities.”
VP Rajan
Managing Director, VedaCorp