Primus Senior Living Pvt Ltd, a Bengaluru-based company that counts global venture capital firm General Catalyst and Zerodha co-founder Nikhil Kamath as investors, has teamed up with HDFC Capital to set up a Rs 2,000-crore ($207 million) investment platform to develop senior living communities across India.
The platform will develop institutional-grade senior living projects across six major cities through ownership and rental-led models, targeting the growing demand for professionally managed housing for older adults, the companies said in a statement. It would be India’s largest institutional investment platform for the sector, they said.
The companies said the platform aims to establish senior living as a mainstream residential asset class as India’s ageing population continues to grow.
The firms noted that India’s senior population is projected to reach 346 million by 2050, while organised senior living penetration remains at about 1.3%, significantly below levels seen in more developed markets.
Founded in 2013 by Adarsh Narahari, Primus develops and operates senior living communities that combine residential housing with healthcare, wellness, hospitality and community services. The company has projects across Bengaluru, Chennai, Hyderabad, Mumbai and Kolkata. It also operates Marzi, a digital platform offering lifestyle, engagement and services for senior citizens. It raised $20 million in seed funding from General Catalyst, Nikhil Kamath and Gruhas in October 2024.
“We are witnessing strong demand from seniors seeking active, independent and community-oriented lifestyles,” said Narahari, founder and managing director of Primus and Marzi.
HDFC Capital, the real estate private equity arm of HDFC Group, manages more than $4.5 billion across multiple alternative investment funds focused primarily on affordable and mid-income housing. The firm has been expanding into adjacent residential segments, including student housing, industrial worker housing and senior living.
HDFC Capital CEO Vipul Roongta said the partnership with Primus seeks to address the shortage of long-term institutional capital for purpose-built senior living communities while building institutional-quality housing for senior citizens.
