Hyderabad-Based Life Circle Receives the DBS Foundation Impact Beyond Award for Advancing Eldercare in India
BusinessWire India
Mumbai (Maharashtra) [India], June 19: Life Circle Health Services, a Hyderabad-based social enterprise, has been named one of four global winners of the DBS Foundation Impact Beyond Award 2024. Launched last year, the award aims to supercharge impactful businesses that are addressing urgent needs in ageing societies.
As part of the recognition, Life Circle will receive SGD 500,000 (~INR 3 crore) in grant funding, along with access to DBS Foundation's broader ecosystem of support -- including expert mentorship, capacity building, and partnership/networking opportunities. It is one of four enterprises collectively awarded SGD 3 million (~INR 20 crore) by DBS Foundation. In addition to the funding, winners receive ongoing support from the bank to drive their next phase of growth, including new product development, operational scaling, and capacity building.
The DBS Foundation Impact Beyond Award builds on the DBS Foundation's longstanding efforts to nurture innovative, purpose-driven businesses that create positive societal impact. It also underscores the Foundation's commitment to uplifting the lives and livelihoods of vulnerable communities across Asia and shaping a more inclusive future.
With demographic changes such as ageing populations affecting many parts of the world today, DBS Foundation is committed to empowering seniors to age well -- with dignity and joy -- ensuring they remain healthy, connected, and able to contribute meaningfully to society. According to the India Ageing Report 2023 by UNFPA, India's elderly population is projected to exceed approximately 20% by 2050. As this demographic shift accelerates, the need for affordable, accessible, and professional eldercare services is becoming increasingly urgent.
Life Circle is addressing this gap through a tech-enabled marketplace that connects trained caregivers with families based on individual health and personal care needs. It is India's only full-stack eldercare company, combining training, certification, placement, and managed home care under one brand. Life Circle's hybrid (phygital) model -- which includes a mobile app, caregiver training, and quality checks -- helps improve the overall quality of home-based eldercare in India. With this award, it will expand to Tier 2 and 3 cities that are seeing heightened demand, launch new training academies, roll out digital learning tools, and upgrade its technology to better manage onboarding and quality assurance for caregivers.
Karen Ngui, Head of DBS Foundation and DBS Group Strategic Marketing and Communications, said, "Societies are ageing rapidly, and it is sobering to see that we're living in a world where there are more people over 60 years of age than under five. We are thus very encouraged to see DBS Foundation's inaugural batch of Impact Beyond Award winners embedding purpose at the core of their business and delivering transformative solutions to meet the urgent needs of ageing societies. In India, a large part of eldercare is delivered by the informal sector -- Life Circle is addressing this critical gap by making eldercare more professional, structured, and accessible, while also creating dignified livelihoods through caregiver training. By supporting enterprises like our Impact Beyond Award winners, we aim to build a future where every individual, at every stage of life, can age with dignity, purpose, and joy."
Anant Kumar, CEO, Life Circle Health Services (India), said, "We are deeply honoured to receive the DBS Foundation Impact Beyond Award. This recognition strengthens our mission to build India's eldercare infrastructure -- one caregiver at a time. With DBS Foundation's support, we will accelerate our efforts to train youth from underserved communities and ensure seniors receive the dignified care they deserve."
Life Circle's model not only supports ageing in place but also promotes economic empowerment by skilling and employing rural women as professional caregivers. To date, the enterprise has placed over 5,000 caregivers -- 76% of whom are women -- and conducts more than 100,000 home visits annually.
Life Circle was selected from nearly 100 submissions, following a rigorous evaluation process involving senior DBS leaders and independent external experts. The other winners of the 2024 Impact Beyond Award include:
* Buddy of Parents (Singapore): AI and IoT-powered smart home solutions that enhance safety, reduce the caregiving burden, and promote independent living.
* Huakang Group (China): A leading provider of integrated elderly care, offering a holistic 'home, community, institution' model that connects home-based services with community and institutional support.
* Evercare (Hong Kong): A healthtech platform bridging caregiver demand gaps by connecting healthcare professionals with families, hospitals, and private eldercare services.
The awards were announced at the recent DBS Foundation Impact Beyond Dialogue in Singapore -- a flagship platform that brings together key voices to exchange insights on pressing societal issues such as ageing, co-create solutions, and unlock opportunities for collective action.
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