Max taps PE funds to sell up to 10% stake in Antara
₹2,000 crore for the wholly-owned unit, the people said on condition of anonymity. Antara has two lines of businesses–Assisted Care services, including Care Homes, Care at Home, MedCare Products and AGEasy; and independent residences for seniors. The company is in the process of setting up multiple communities and care facilities across different regions of India.
“Antara, which has multiple lines of businesses all targeted towards seniors above the age of 55 years, is growing fast. While its real estate projects have seen good traction, the company wants to expand its direct-to-consumer (D2C) service platform AGEasy; hence, they are looking to raise ₹140-200 crore," one of the two people said on condition of anonymity. AGEasy was launched in August last year as a new-age holistic D2C platform to help seniors manage common chronic conditions.
It offers customized health and wellness solutions based on expert advice. It claims to offer a unique suite of products and service-based solutions including pain relief products, fall detection smartwatches, joint supplements and comfort knee braces, among others. In response to a query, a company spokesperson said, “Antara Senior Care is currently well-capitalized to fund its growth and expansion plans." Antara clocked a revenue of ₹174 crore in FY23, compared to ₹16.4 crore in FY22.
Its net loss stood at ₹8 crore in FY23, though it turned Ebitda-positive during the last fiscal. Shares of Max India closed at ₹207.15 on Thursday, up 2% from the previous close. The company's shares hit a 52-week high in January.
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