Columbia Pacific Communities (CPC), India's senior living community operator, and KITES Senior Care, a 'out of hospital' geriatric care, have announced a strategic merger. The companies in a joint press statement on Thursday said that the collaboration unites CPC's extensive experience in senior living with KITES's medical expertise, creating India's largest and most comprehensive Continuing Care Retirement Community (CCRC).
Under the leadership of Rajagopal G, co-founder of KITES Senior Care, who will serve as the CEO and Director of the board, the merged entity aims to revolutionise senior care. "This merger is a momentous step towards fulfilling our mission to provide unparalleled care to India's elderly. By combining our strengths, we are set to transform the landscape of senior living and medical care in the country," said Rajagopal.
Dr Ranjan Pai of the Manipal Group, a significant investor in KITES, expressed his support: "The coming together of these two platforms in the senior care continuum underlines our commitment to enhancing the quality of life for the elderly. The elder care space is still evolving in our country, and this pooling of strengths will play a pivotal role in shaping the industry."
This merger will leverage KITES's capability to manage elder care and the Senior Shield technology platform alongside CPC's network of senior living communities, offering a seamless continuum of care. This includes preventive care, emergency care, and post-hospitalisation rehabilitation across multiple cities in India, the press statement read.
Nate McLemore, Managing Director of Columbia Pacific Investments, stated, “This strategic union is a powerful step forward in our ongoing commitment to providing exceptional senior living experiences in India. We are bringing together the best of both worlds — KITES’s innovative care models and our proven expertise in community living — to significantly enhance the quality of life for our seniors.”
The merger aims to expand capacity, targeting the addition of approximately 2,000 senior living and assisted living units over the next two years. This effort will integrate existing facilities to create a comprehensive CCRC, ensuring peace of mind and a higher standard of care for residents and their families.
Furthermore, the merger is expected to create new jobs and development opportunities for staff, fostering a culture of excellence and compassion in senior care. Columbia Pacific aims to double the senior/assisted living units and seniors under individual management and care, aligning with the Indian senior care market's rapid growth trajectory.
The statement further informed that KITES Senior Care has recently completed its Series A funding round, raising Rs65 Crores, including a substantial investment of Rs 45 Crores from Dr Ranjan Pai. This financial boost will fuel KITES’s expansion into six cities across Southern India, aiming to develop over 1,000 beds in more than 15 facilities.
The merger aligns with the senior care market's expected growth, targeting a USD 30 billion combined market size covering senior living and 'out of hospital' senior care.
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