Manasum Senior Living plans ₹200 crore fundraise, 2028 IPO target

Senior living for professionals coming up in GIFT City, Ahd

Bengaluru-based Manasum Senior Living plans to raise close to ₹150-200 crore in growth capital in next three months and is targeting an initial public offering (IPO) around 2028, betting on India’s rapidly expanding senior housing market, said cofounder Anantharam Varayur. 

 

The funding will be used towards expanding its managed portfolio from about 2,500 units currently to 5,000 units by 2026-2027 (FY27), and scale up to 10,000 units by 2028. The company considers this scale essential before approaching capital markets.

 

“We are working with a real-estate consultant firm on the fundraising. The next phase of growth will be driven by expansion into multiple cities and new product formats,” Varayur told Business Standard.

 

Manasum further noted that the expansion includes a new “active senior living” project, which is being rolled out at Gujarat International Finance Tec-City (GIFT City), Ahmedabad. The Atharva Siban project, comprising 248 units, targets professionals aged 55-60 years and who are approaching retirement but wish to remain professionally engaged.

 

The company is positioning the project for senior executives in GIFT City’s financial and technology ecosystem, allowing residents to transition into advisory or consulting roles while living within a serviced senior community. “Retirement today does not mean stopping work. Many professionals want flexible engagement for another five to eight years while enjoying a secure lifestyle,” Varayur said.

 

Tokenised real-estate ownership

 

Pivoting from traditional housing models, Manasum has partnered with Alt DRX to introduce tokenised ownership in senior living assets. Individual apartments are digitally divided into tokens priced at about ₹10,000 each, enabling investors to own fractional portions of a unit. Rental income generated from operations is distributed among token holders through an LLP structure.

 

Varayur highlighted that while conventional residential properties generate rental yields of 1.5 to 3 per cent, senior living assets can deliver yields of up to 5 per cent along with capital appreciation. The tokenised structure also allows investors to buy or sell ownership portions more easily than standard fractional ownership formats.

 

Manasum has a presence in Bengaluru,  Goa, Mysuru, and Tirupathi. Recently, it entered markets like Chennai, Ahmedabad, and Mangalore with an investment of ₹550 crore. Going forward, it plans to enter Kolkata, Lucknow, Gurgaon, Hyderabad, Visakhapatnam, Bhubaneswar and Vrindavan during FY27 through developer partnerships.

 

The company follows a collaboration-led model, tying up with regional builders rather than acquiring land directly.

 

Alongside expansion, Manasum has partnered with Tata 1MG to provide teleconsultation, diagnostics and medicine delivery services across its communities, reflecting growing demand for integrated healthcare within senior housing.

 

India’s ageing demographic profile is emerging as a significant demand driver. The country is projected to have around 191 million seniors by 2030, yet organised senior housing supply remains limited at roughly 24,000 units nationwide. Manasum also operates a multi-generational format where multiple generations of a family, not just senior citizens, co-exist under the same roof. 

 

According to a JLL-ASLI (Association of Senior Living India) report, the organised senior living market in India could reach nearly ₹69,400 crore by 2030 under a policy-led growth scenario.

 

As of 2025, India has just over 22,000 organised senior living units, catering to barely 1.4 per cent of the addressable urban senior population. South India currently accounts for about 60 per cent of organised senior living supply, followed by West India at around 25-30 per cent, while North India remains significantly under penetrated at just 10 -15 per cent.

 

With large developers increasingly entering the space, Varayur expects competition to rise but believes the market remains underpenetrated. “Our ambition is to be among the top three players in the mid-market senior living segment over the next five years,” he said.