KITES Senior Care and Columbia Pacific Communites set to merge for one of India's largest senior living firms
Senior living firm Columbia Pacific Communites is being merged with Kites Senior Care. This merger is expected to create one of the largest senior living firms in India.
“The merger is under process for the India business of Columbia and is unlikely to impact the existing joint ventures. Columbia Pacific Communities has a net worth of over Rs 25 crore and is likely to be valued in the same,” said multiple people aware of the development.
The latter has undergone a leadership change, with Mohit Nirula resigning in July 2023 to join Oberoi Hotels. V Siva Kumar was appointed interim director at Columbia Pacific Communities and is now the CFO.
“Rajagopal G, chief executive officer and co-founder of KITES Senior Care will take over as the new CEO of the merged entity, said one of the persons quoted above.
KITES Senior Care, a prominent provider of «out-of-hospital» geriatric care services, has completed its Series A funding round, securing an investment of Rs 45 crore from Ranjan Pai's MEMG Family Office Fund in March 2024. Pai will hold a 44% stake in the company.
The total plan outlay for expansion and growth amounts to Rs 65 crore, with Ranjan Pai contributing Rs 45 crore and the remaining funds being sourced from various other contributors. Further, the Bengaluru-based company has outlined its intent to utilise the newly raised capital to augment its bed capacity to over 1,000 within the next six quarters, up from 340.
Columbia Pacific Communities, a subsidiary of the Seattle-based Columbia Pacific Group, has
