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Entrepreneurs need to focus on steady growth rather than rapid scaling, he said. “This isn’t about catching a trend. The key is not to build short-term. You’re trying to build something before the market fully develops,” he said, speaking at the Association of Senior Living India’s Ageing Fest in Bengaluru.
He emphasised the need to mainstream the idea of ‘senior care’ and bring more awareness to remove the social stigma that exists in society. “There needs to be more effort to build beyond the top 25%,” he added.
In October, Kamath’s investment firm, Gruhas, contributed $13 million to a $20 million seed funding round by eldercare startup Primus Senior Living.
Kamath also spoke about India’s life expectancy, currently around 67 years which is projected to rise, presenting a growing opportunity for the senior living sector. “If one doesn’t die in the next 20-30 years, they are bound to live for another 20 years. That’s when the question of financial security comes in, because people are only saving for 30 years,” he said.
The entrepreneur recalled a personal experience and said he should have considered putting his father, who passed away last year, in senior care. “From the time he retired at 60, I saw a decline in his mental and physical health. He had no social circle and nothing to challenge himself, and it was as if his life lost purpose.”
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He added that looking back his father would have benefited significantly from a senior living setup. “He could have had access to a vibrant social circle and engaging activities. But at the time, staying with family, surrounded by his grandchildren, felt like the right choice.”India’s senior living housing sector is projected to grow over 300% by 2030, reaching $7.7 billion (Rs 64,500 crore), according to a joint report by real estate consultancy JLL and the Association of Senior Living.
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