Welldercare Agetech to foray into AI product segment, targets 2-fold growth in revenue next fiscal

Timely intervention is crucial in saving lives in the event of a fall.Welldercare is setting up a channel partner network pan-India by integrating retail outlets and smart home integrators to cover all tier-1 cities in the first phase and tier-II cities in phase 2 in 2024.

Welldercare Agetech has joined hands with Belgium-based Nobi to foray into the AI product segment and target around two-fold growth in revenue next fiscal.

Under the partnership, Welldercare Agetech will distribute Nobi's elderly-care product, smart lamp, in Indian, Asia Pacific, and West Asian markets, a company statement said on Saturday.

''Welldercare is targeting a revenue of around Rs 125 crore in FY2023-24 and around Rs 244 crore in the next fiscal,'' the Mumbai-based company said.

The company is eyeing a revenue of Rs 350 crore in FY2025-26, it added.

Nobi's AI-powered smart lamp offers immediate help for elderly people in the event of a fall at home. It supports the safety of older adults by providing fall detection and prevention, the statement said.

Welldercare Agetech has the market rights for the Nobi range of AI products in India, APAC, and GCC markets.

It mentioned that around one-third of the world's 65-plus population have a fall at least once a year. Timely intervention is crucial in saving lives in the event of a fall.

Welldercare is setting up a channel partner network pan-India by integrating retail outlets and smart home integrators to cover all tier-1 cities in the first phase and tier-II cities in phase 2 in 2024.