According to reports from Business Standard, Athulya Senior Care, India's largest assisted-living provider backed by Morgan Stanley, has outlined ambitious international expansion plans. The Chennai-based company has signed memoranda of understanding (MoUs) with Singapore and Japan to supply skilled manpower to the sector, while targeting Mauritius, Sri Lanka, and Dubai for physical operations. As reported by the company's founder and managing director Karthik Narayan R, the expansion focuses on the expanding Tamil diaspora in Mauritius and Sri Lanka, while Dubai serves as a hub for Indian high net-worth individuals amid the ongoing real estate boom. The company is also evaluating other global markets, with Narayan stating that "We want to first prove ourselves in one international market. Expansion becomes easier after that. The US and the UK are highly regulated markets, so we may not enter them immediately. But we will definitely expand into neighbouring countries where the Indian-origin population remains sizeable."
According to an Association of Senior Living India-PwC senior care report cited by Business Standard, India's organised senior care market is projected to grow dramatically from the current 20,000 units to 100,000 units by 2030. The report indicates that nearly 19,500 people are turning 60 every day, pushing the market size in India from ₹10-15 billion currently to ₹30-50 billion within a decade. A recent KPMG and Confederation of Real Estate Developers' Associations of India report reveals that individuals aged 60 and above account for 11% of India's population in 2024, a share expected to nearly double to over 21% by 2050. This would represent 16% of the global population aged 60 and above, estimated at 2.1 billion by 2050, according to the World Health Organization. The KPMG report credits this demographic shift to rising life expectancy at birth, which increased by 9.3 years from 62.7 years in 2000 to 72 years in 2023, alongside a steadily declining fertility rate from 3.4 to 2 live births per woman during the same period.
As reported by Business Standard, Athulya Senior Care currently operates around 1,500 beds, including upcoming project expansions, of which 900 are operational. This translates into monthly revenue of ₹8.5 crore. The company is targeting an initial public offering (IPO) by FY32, with revenue projected to reach ₹1,000 crore from the current ₹85 crore in 2025-26 and targeted ₹125 crore in 2026-27. The company aims to achieve earnings before interest, tax, depreciation, and amortisation of ₹250 crore by the time of the IPO. Narayan added that "We want to launch an IPO by FY32, when our revenue is close to ₹1,000 crore, up from around ₹85 crore in 2025-26 and the targeted ₹125 crore in 2026-27. We are also targeting earnings before interest, tax, depreciation, and amortisation of ₹250 crore by the time of the IPO."
According to Business Standard, Athulya Senior Care has entered into a significant MoU with SingHealth, Singapore's largest public healthcare cluster, to explore collaboration in medical services, professional training, research, and knowledge exchange. The company is already setting up a small facility in Mauritius in partnership with a local partner, operating under the name Chez Moi. Narayan explained that "Mauritius is a very interesting market with a large Indian and Tamil population. We are already setting up a small facility there in tieup with a local partner, and we will operate that facility (Chez Moi). Similarly, we are eyeing Sri Lanka and Dubai as well." The company's global expansion strategy reflects the broader trend of Indian senior care companies exploring overseas markets to tap rising demand, with other key players including Kites Senior Care, Primus Senior Living, and Antara Senior Living in assisted living; Geri Care in multi-specialty geriatric hospitals; Serene Communities by Columbia Pacific and Ashiana Senior Living in retirement communities; and Emoha in connected elder care.
