In a funding round headed by Aroa Venture Partners, elder care startup Samarth Life has raised Rs 12 crore, or roughly $1.45 million. Zhooben Bhiwandiwala of Mahindra Partners and Social Alpha were also present in the round.
The money will be used by Samarth Life to support its expansion and growth plans.
Samarth Life was founded by Asheesh Gupta, Gaurav Agarwal, Anuradha Das Mathur, and Sanjay Ahuja. It provides senior citizens with comprehensive care services and individualized subscription plans. By working with insurance companies, the Gurugram-based startup also provides senior citizens with insurance benefits through a lifestyle card.
With monthly subscription fees ranging from Rs 200 to Rs 15,000, the company claims to serve a community of over 35,000 people and hopes to generate Rs 12 crore in revenue by the end of the year.
In addition to Samarth Life, other businesses in the same area include Age Care Labs, Goodfellows, KareWise, SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and GenWise.
Samarth Life will be the first investment from a new fund that venture capital firm Aroa Venture Partners recently launched. The fund has a target corpus of Rs 400 crore, or roughly $50 million.
Aroa had previously supported CRED, Urban Company, and Unacademy.
