HCAH Acquires Seniority, Expands Presence In Geriatric Health Market
With this, HCAH plans to integrate its existing healthcare services into the company and develop a geriatric-focused vertical to provide end-to-end senior care services for their holistic well-being and requirements, the company said in a statement on Thursday
Health tech company HCAH (formerly Health care atHOME), a major player in the out-of-hospital care segment in India, today announced its acquisition of India’s largest geriatric-centric digital platform Seniority.
With this, HCAH plans to integrate its existing healthcare services into the company and develop a geriatric-focused vertical to provide end-to-end senior care services for their holistic well-being and requirements, the company said in a statement on Thursday.
Owned by the RPG Group, Seniority operates India’s largest geriatric-focused digital platform. It offers a curated portfolio of over 20,000 products ranging from medical to lifestyle for senior citizens and sells direct to customers. The company also operates two offline stores in Pune and Chennai.
Currently, there are more than 150 million senior citizens in India with an average age of close to 70 years. By 2025, 12 per cent of the population in India will be aged 60+ and the geriatric population is projected to reach 280 million by 2050 which will boost demand in this sector.
This segment was not considered a cohesive consumer group in the past, however recent trends have shown that the current generation of elders have aspirations and expectations of convenience, better quality of life and customized services with the capacity to pay for their desired lifestyle at advanced ages, the statement read.
Vivek Srivastava, Co-Founder and CEO, of HCAH, said, “We are very excited to expand our portfolio in the geriatric segment in India, as this offers HCAH an opportunity to enhance its presence, expand consumer base and address the unmet demands of the elderly care segment.
Srivastava said that currently, 60 per cent of the company's customers are elderly to whom it provides Rehab, ICU and nursing, caregiver, consultation, lab and equipment services at home, digitally and in its transition care centers.
"By acquiring Seniority, our intent is to cater to all the needs and provide a One Stop Shop to our rapidly growing elderly population. We believe that the growth in the elderly markets is a secular trend that would continue for the next many decades," Srivastava added.
Srivastava further explained that besides growing the digital business, as a part of the company's phygital strategy, company would also open new stores of Seniority on a standalone basis as well as in its transition care centers. "We will launch new services such as Assisted Living, Elderly day care and Elderly Concierge services in the future to further solidify our presence in the elderly market," he said.
Tapan Mishra, Founder of Seniority said, “This marks a significant milestone in the geriatric care segment in India to provide end-to-end healthcare, lifestyle and life assisted services. The current situation demands healthcare services to be based on the need of elderly people and we believe that HCAH is the best organisation to further propel/strengthen the business. We can see Seniority continuing to thrive and reach greater heights under the HCAH umbrella."