Sajan Pillai's newly-formed company SP Lifecare has invested in the segment of Rs 275-crore senior assisted living facility, harnessing a tech-intensive, light asset model.
Sajan Pillai, former chairman of the California-based IT unicorn UST Global, is readying to put together a $75-million venture fund that would scale up local start-ups. His newly-formed company SP Lifecare has invested in the segment of Rs 275-crore senior assisted living facility, harnessing a tech-intensive, light asset model.
“The global VF will be launched in Kerala on September 8,” says Pillai, chairman of SP Lifecare. Last week, he was featured among the top 100 global CEOs of the year by US-based job recruiting behemoth Glassdoor. Pillai continues to be on the board of UST Global, although he recently stepped down from its chair. The SP Lifecare’s VF will assimilate Israel’s start-up scaling up model, focusing on mentorship and market access, as much as financing cherry-picked start-ups.
Pillai intends to give top priority to technology start-ups in healthcare, banking, finance and retailing, as these have the highest global potential in the Indian context.
“As for the senior living facility, the land acquisition for the first phase is complete. After the two projects in Kerala – the Rs 120-crore facility in Thiruvananthapuram and the Rs 150-crore facility in Aluva, we will move on to setting up similar senior care projects in Bangalore, Hyderabad and north Indian cities in the next few years,” says M Ayyappan, CEO of SP Lifecare.
Senior living projects will not go by the real estate model, but will use technology-backed services. Diagnosis, nursing and medicines will be sourced and coordinated with residential amenities. The units will be leased out, instead of transferring ownership.
SP Lifecare targets India’s 60-plus population, which is estimated to treble from 104 million in 2011 to 300 million by 2050. “We plan to include economically weaker senior citizens too. A dedicated trust is in the pipeline to support those who cannot afford such facilities,” says Pillai.