Kochi :IT honcho Sajan Pillai, who recently stepped down as CEO of UST Global, has announced that he would kick-start a mega venture fund for startups to help them scale up their activities and invest heavily in global projects for assisted living for seniors and homecare..

Kerala-born and US-based Pillai, whose long stint with UST Global positioned the American multinational company as a leading provider of IT services and solutions, said the venture fund, with an initial corpus of $ 50 to 75 million, would be launched on September 8 to promote start-ups, with a slant on Kerala.

“The initial fund will be between $50 million and $75 million. Its focus will be product companies, primarily B2B. We focus on four sectors primarily—healthcare, fintech, telecom & technology, and retail,” he said.

Pillai, who is also chairman of SP Lifecare, said the company would launch a string of projects to deliver world-class elderly care by combining care, technology and real estate. These would include developing senior assisted living facilities, creating a pool of well-trained caregivers to provide home services, doorstep delivery of health and personal care and setting up a Super Store for delivery of essential items to senior citizens.

SP Lifecare, which recently acquired Kerala-based Asha Care Homes, has already purchased lands at Thannimoodu near the state capital and Aluva in Ernakulam for developing senior assisted living campuses. Plans are on to acquire land in Bengaluru by this month.

M. Ayyappan, CEO of SP Lifecare, said the investment in the two ongoing projects in Kerala is estimated at Rs 275 crore. “We are targeting the valuation of the company at Rs 700 crore in three years,” he added.

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“The company plans to expand its senior assisted living project on a global scale in two years’ time while major projects are to be launched in the US and Europe. A dedicated trust would also be floated, with SP Lifecare tying up with like-minded individuals and organisations, to take care of the economically weaker senior citizens, who cannot afford the cost of assisted living,” said Ayyappan.



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