Athulya Assisted Living to Add Three Facilities and 400 Beds in Chennai

Athulya Assisted Living is set to expand its footprint in Chennai by adding three new facilities and 400 beds in its next phase of growth, Founder and Managing Director Dr R Karthik Narayan announced.

The senior-care provider currently operates six facilities in Chennai and manages about 1,500 beds across five cities, of which around 1,000 are operational and the remainder are under development. Athulya operates on an asset-light model, taking residential blocks on 9- to 15-year leases to convert them into senior-friendly living spaces. Its facilities currently maintain occupancy levels between 95% and 98%.

Beyond assisted living, the company runs home-care services through visiting medical personnel and recently launched its first geriatric hospital to offer secondary and chronic care, including oxygen therapy, stroke care, and rehabilitation. Dr Narayan noted that the integrated model aims to address rising care dependency among people aged 80 and older.

Athulya is targeting a capacity of 2,000 beds in the near term and aims to reach 5,000 beds by FY32. Approximately 80% of this capacity is planned for south India, primarily across Tamil Nadu, Kerala, Telangana, and Andhra Pradesh, with additional evaluations underway for Pune and Ahmedabad.

To fund the ongoing expansion, the company is preparing to raise around $30 million in primary capital during August and September. Athulya previously secured approximately Rs 100 crore in institutional funding from Morgan Stanley’s social-impact fund in 2023.

The company projects revenue to reach approximately Rs 130 crore in FY27. It has set a long-term target of reaching Rs 1,000 crore in revenue and Rs 200 crore in profit by FY32, when it plans to launch an initial public offering.