HCAH, a Health tech company, formerly Health care atHOME has acquired a 100 percent stake in Seniority which is reportedly India’s largest geriatric-centric digital platform. The companies have not disclosed the deal value.
With this acquisition, HCAH, a major player in the out-of-hospital care segment in India, plans to integrate its existing healthcare services into the company and develop a geriatric-focused vertical to provide end-to-end senior care services for their holistic well-being and requirements.
Owned by the RPG Group, Seniority offers a curated portfolio of over 20,000 products ranging from medical to lifestyle for senior citizens and sells direct to customers. Meanwhile, the company also operates two offline stores in Pune and Chennai. The valuation of Seniority is between 120 to 150 crore, a person aware of the development told Financial Express.com.
According to the National Statistical Office (NSO)’s Elderly in India 2021 report, India’s elderly population (aged 60 and above) is projected to touch 194 million in 2031 from 138 million in 2021, a 41 percent increase over a decade. According to the National Statistical Office (NSO)’s Elderly in India 2021 report, India’s elderly population (aged 60 and above) is projected to touch 194 million in 2031 from 138 million in 2021, a 41 percent increase over a decade. Studies suggest that by 2025, 12 percent of India’s population will be over 60 and the geriatric population is projected to reach 280 million by 2050 which will boost demand in this sector.
Several industry experts have pointed out that this segment was not considered a cohesive consumer group in the past, however, recent trends have shown that the current generation of elders has aspirations and expectations of convenience, a better quality of life and customised services with the capacity to pay for their desired lifestyle at advanced ages.
“…On the rehabilitation and recovery side, we will be at 1000 beds by FY24. We currently have a presence in Delhi-NCR, Bangalore and Hyderabad with centres and we will launch more in Kolkata, Mumbai, Pune, and Chennai go into more cities down south and west. We will build this seniority to a much larger scale and add more and more centres of Seniority and some centres will be in our transition care centres. Currently, they have centres in Chennai and Pune. We will continue to do caregiver business and expand into the top 20-odd cities in the country. We will also launch assisted living centres and most probably the first one as a pilot in the next quarter and take it to a larger level in the next two years. We have bought 100 per cent of Seniority from the RPG group. I think this move will help us grow much faster in the elederly segment,” Vivek Srivastava, Co-Founder, and CEO, HCAH told Financial Express.com.
Srivastava also informed Financial Express.com that they are excited to expand their portfolio in the geriatric segment in India.
“…We have started our chronic disease segment with acquisition and we have grown almost 10x…We have targeted about INR 500 to 600 crores by 2026 in terms of revenue. I think that with seniority we can have equivalent growth in the geriatric health market. We will launch new services such as Assisted Living, Elderly daycare and Elderly Concierge services in the future to further solidify our presence in the elderly market. Other than generic products we will focus on the specific aids and requirements by senior citizens. The potential is huge. In less than two years, we should definitely be upwards of INR 100 crores,” Srivastava told Financial Express.com.
Currently, 60 percent of HCAH’s customers are elderly to whom they provide Rehab, ICU and nursing, caregiver, consultation, lab and equipment services at home, digitally and in their transition care centers.
“This marks a significant milestone in the geriatric care segment in India to provide end-to-end healthcare, lifestyle and life-assisted services. The current situation demands healthcare services to be based on the need of elderly people and we believe that HCAH is the best organisation to further propel/strengthen the business. We can see Seniority continuing to thrive and reach greater heights under the HCAH umbrella,” Tapan Mishra, Founder of Seniority said in a statement on Thursday.
In August last year, HCAH acquired SuVitas Holistic Healthcare– Hyderabad and Bengaluru-based Transition Care Company. Following this acquisition, SuVitas had become a 100 per cent subsidiary of HCAH.