Traditionally, Indian families have been characterized by multigenerational households where elderly parents lived with their adult children. However, urbanization and economic development have led to a shift towards nuclear families – with severe implications for elderly care, as adult children may not always be available to supply the necessary support and care to their aging parents.
As per Morgan Stanley's Executive Director, Neha Saraf, the eldercare sector is very large with homungous opportunities, yet it is at a very nascent stage. “We need to first understand the need and want of this sector and then begin with addressing the need first and it will itself graduate towards the want.”
Lightrock India Partner Saleem Asaria felt there is still a need to do lot more in this sector which can excite an investor. "India is phenomenal and has whole space of opportunities. The 500 million investment is not going to even touch the surface. The companies need to articulate their vision. There is a very big opportunity of investing but a lot has to be first done to make that happen.”
Venture Highway, Investor, Priya Mohan feels that building trust is very important in this sector. "The population we are looking at is experienced and mature. They won't spend money on anything which is frivolous. So we need to work on building that trust first.
With rising disposable incomes in India, families now have the financial means to invest in senior care services. Previously considered a luxury, senior care services are increasingly seen as a necessity. Families are willing to spend on healthcare, assisted living, and other senior care options to ensure the well-being of their elderly loved ones.
“The senior care industry in India holds immense potential, but we acknowledge the challenges it faces, be it regulatory frameworks or infra development. We are dedicated to advocating transformative approaches that prioritize wellbeing and dignity of senior," said Adarsh Narahari, Chairman, Association of Senior Living India (ASLI).
Aloke Bhuniya, CEO of Ascendas-Firstspace, said that a year down the road, the investors will be having a better understanding of this sector. "It is an emerging market but what this sector is going to become in next 20-30 years will be completely different.”
GMR's Chief Business Officer Sumit Anand said that as Indian society is changing, senior living is going to be more important. "GMR has some background in this urban infrastructure and we would like to combine and contribute to this sector.”