CPC & KITES Senior Care joins hands with Rs.200 crore investment for updated geriatric care

Columbia Pacific Communities (CPC) has announced a merger with KITES Senior Care, a leading provider of out-of-hospital geriatric care. The newly combined entity is set to invest Rs 200 crore in constructing homes for senior citizens within the next two years. This information was shared by Nate McLemore, the managing director of Columbia Pacific Investments.

The combined organization will be led by Rajagopal G, one of the co-founders of KITES, who will take on the roles of CEO and board director. KITES has secured a total of Rs. 65 crore in funding, with a recent Series A investment from Pai contributing approximately Rs. 45 crore. 

Rajagopalan said, “We are adding 1,300 units already in the pipeline, so we would like to have 3,000-plus units in the next two years across six cities." The six cities where they are planning to expand are Hyderabad, Chennai, Bengaluru, Kochi, Coimbatore, and Pune.

He also mentioned that CPC is responsible for servicing the future senior living apartments, while KITES will be offering care services outside of the hospital setting.

McLemore said,"Some of those might be joint ventures where we put some equity investment in and others that we've signed up recently are pure management contracts, where the developer brings in their development expertise and we bring the design, branding and ongoing operations."

Rajagopalan said,"The primary care centre, which is within the facility and provides preventive care and emergency care, will be operated by KITES. We will also provide a recently launched technology platform called Senior Shield that remotely monitors the health of seniors."

The forthcoming projects for senior living will primarily be executed via joint venture agreements with developers in the six urban areas.

McLemore opined,”Some of those might be joint ventures where we put some equity investment in and others that we've signed up recently are pure management contracts, where the developer brings in their development expertise and we bring the design, branding and ongoing operations.”

He explained that, CPC intends to expand its portfolio by incorporating 800-1,000 senior living residences annually, projecting a potential revenue of Rs. 150 crore-200 crore per undertaking, as stated by company director Sivakumar V in a media interview. In addition to the merger, CPC remains committed to pursuing similar advancements.

Senior housing developments cater to the needs of elderly individuals by incorporating features like wheelchair-accessible doors, slip-resistant flooring, and supportive services to address the challenges associated with aging. These developments have been established in various cities including Bengaluru, Hyderabad, Chennai, and Coimbatore.