KITES Senior Care, Columbia Pacific Merge for major senior living firm
Real Estate

KITES Senior Care, Columbia Pacific Merge for major senior living firm

A senior living firm, Columbia Pacific Communities, is undergoing a merger with Kites Senior Care, backed by Ranjan Pai. It is anticipated that the merger between KITES Senior Living and the India arm of Columbia Pacific would establish one of India's largest senior living firms.

According to a top industry source familiar with the situation, the merger process for Columbia's India business is ongoing and is projected not to affect existing joint ventures. As of FY22, Columbia Pacific Communities has a net worth exceeding Rs 250 million.

Regarding leadership changes, Mohit Nirula resigned in July 2023 to join Oberoi Hotels. V Siva Kumar was then appointed interim director at Columbia Pacific Communities and now holds the position of CFO.

As stated by one of the sources, Rajagopal G, the chief executive officer and co-founder of KITES Senior Care, is slated to become the new CEO of the merged entity.

In a joint statement, Ranjan Pai, a significant investor in KITES through the Manipal Group, expressed, "The amalgamation of these two platforms in the senior care continuum underscores our dedication to improving the quality of life for the elderly. The elder care sector is still developing in our nation, and this consolidation of strengths will play a crucial role in shaping the industry."

Columbia Pacific aims to increase its units by approximately 2,000 across India over the following two years, effectively doubling the number of senior/assisted living units and seniors under individual management and care.

Nate McLemore, Managing Director of Columbia Pacific Investments, commented in the statement, "This strategic integration marks a significant step forward in our ongoing commitment to delivering exceptional senior living experiences in India."

KITES Senior Care, a leading provider of "out-of-hospital" geriatric care services, successfully concluded its Series A funding round in March 2024, securing an investment of Rs 450 million from Ranjan Pai's MEMG Family Office Fund.

The total plan outlay for expansion and growth amounts to Rs 650 million, with Ranjan Pai contributing Rs 450 million and the remaining funds sourced from various other contributors. Additionally, the company from Bengaluru intends to utilize the newly raised capital to increase its bed capacity to over 1,000 within the next six quarters, up from 340 as of March.

Columbia Pacific Communities, a subsidiary of the Seattle-based Columbia Pacific Group, boasts over 40 years of experience in constructing, managing, and operating senior living communities worldwide. It has a presence in the USA, China, Canada, the UK, Malaysia, and India.

In FY25, the company plans to invest over Rs 2 billion to expand its footprint in India by entering Pune, Hyderabad, Kottayam, and Kochi. Moreover, it aims to introduce senior living apartments for rent in India for the first time. Columbia Pacific Communities aims to add 800-1,000 senior living homes annually, with each project potentially generating revenue of Rs 1.5-2 billion. Currently, the company operates 1750 homes in India.

The demand for senior living is on the rise in urban areas due to higher income levels, increased life expectancy, changing lifestyles, the nuclearisation of families, and the necessity for stable post-retirement living. With the aging population growing, the demand for various senior living services such as medical, insurance, and housing is also increasing.

According to Colliers, the senior living market in India is expected to reach around $12 billion by 2030, up from its current size of $2-3 billion, due to the rising median age and aging population.

A senior living firm, Columbia Pacific Communities, is undergoing a merger with Kites Senior Care, backed by Ranjan Pai. It is anticipated that the merger between KITES Senior Living and the India arm of Columbia Pacific would establish one of India's largest senior living firms. According to a top industry source familiar with the situation, the merger process for Columbia's India business is ongoing and is projected not to affect existing joint ventures. As of FY22, Columbia Pacific Communities has a net worth exceeding Rs 250 million. Regarding leadership changes, Mohit Nirula resigned in July 2023 to join Oberoi Hotels. V Siva Kumar was then appointed interim director at Columbia Pacific Communities and now holds the position of CFO. As stated by one of the sources, Rajagopal G, the chief executive officer and co-founder of KITES Senior Care, is slated to become the new CEO of the merged entity. In a joint statement, Ranjan Pai, a significant investor in KITES through the Manipal Group, expressed, The amalgamation of these two platforms in the senior care continuum underscores our dedication to improving the quality of life for the elderly. The elder care sector is still developing in our nation, and this consolidation of strengths will play a crucial role in shaping the industry. Columbia Pacific aims to increase its units by approximately 2,000 across India over the following two years, effectively doubling the number of senior/assisted living units and seniors under individual management and care. Nate McLemore, Managing Director of Columbia Pacific Investments, commented in the statement, This strategic integration marks a significant step forward in our ongoing commitment to delivering exceptional senior living experiences in India. KITES Senior Care, a leading provider of out-of-hospital geriatric care services, successfully concluded its Series A funding round in March 2024, securing an investment of Rs 450 million from Ranjan Pai's MEMG Family Office Fund. The total plan outlay for expansion and growth amounts to Rs 650 million, with Ranjan Pai contributing Rs 450 million and the remaining funds sourced from various other contributors. Additionally, the company from Bengaluru intends to utilize the newly raised capital to increase its bed capacity to over 1,000 within the next six quarters, up from 340 as of March. Columbia Pacific Communities, a subsidiary of the Seattle-based Columbia Pacific Group, boasts over 40 years of experience in constructing, managing, and operating senior living communities worldwide. It has a presence in the USA, China, Canada, the UK, Malaysia, and India. In FY25, the company plans to invest over Rs 2 billion to expand its footprint in India by entering Pune, Hyderabad, Kottayam, and Kochi. Moreover, it aims to introduce senior living apartments for rent in India for the first time. Columbia Pacific Communities aims to add 800-1,000 senior living homes annually, with each project potentially generating revenue of Rs 1.5-2 billion. Currently, the company operates 1750 homes in India. The demand for senior living is on the rise in urban areas due to higher income levels, increased life expectancy, changing lifestyles, the nuclearisation of families, and the necessity for stable post-retirement living. With the aging population growing, the demand for various senior living services such as medical, insurance, and housing is also increasing. According to Colliers, the senior living market in India is expected to reach around $12 billion by 2030, up from its current size of $2-3 billion, due to the rising median age and aging population.

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