Max India is building India’s first integrated senior care ecosystem under the Antara brand, a business born from the 2020 demerger of the erstwhile Max India’s healthcare assets and its subsequent relisting as a pure-play senior care company. The company’s approach is a direct extension of the Max Group’s three-decade heritage of building businesses in healthcare, insurance, and hospitality - combining that know-how to create a full-stack platform that serves seniors across every stage of ageing, from independent living to assisted care and wellness products. Everything the company does follows a single recurring logic: it designs and operates the service, but increasingly avoids owning the heavy assets, using partnerships with landowners, developers, and manufacturers to stay capital-light while scaling. # Business segments Three engines at different stages - a proven senior-living platform now scaling through partnerships, a rapidly expanding assisted-care network, and a young direct-to-consumer wellness brand - each built to capture a different part of the same senior’s journey. ## 1. Senior Residences: the platform that proved the model **Antara designs, sells, and operates senior-living communities under an asset-light model, earning fees for managing development on behalf of landowner partners rather than buying and building the real estate itself.** - **Design and operate, don’t buy the land** - the business has pivoted from a “Buy, Build, Sell, Operate” model to a “Design, Sell, Operate” model, where it focuses on its core strengths of design, sales and marketing, and operations, while strategic partners provide the land and construction capital. That shift means the company earns an 8-10% project management fee on the total project value without taking land-investment risk. - **A flagship that proved the concept** - the first community, Antara Purukul in Dehradun, launched in 2013 on 14 acres with 197 apartments, is fully sold, fully occupied, and cash positive, with re-sales now realising about Rs 25,000 per square foot - roughly double the original price - and 40% of all sales coming through resident referrals. - **Intergenerational communities as the new engine** - in Gurugram, Antara acts as Manager for the senior-living towers within Max Estates’ larger residential projects, earning a fee equivalent to 9.5% of net sales revenue over the project life cycle. The first such project, Estate 360, launched in August 2024 with 292 units, was 100% sold within months, generating gross sales of roughly Rs 1,530 crore. - **Smaller, more affordable apartments** - to widen the customer base, the average apartment size was reduced from about 3,000 square feet to roughly 2,000 square feet, and the average price from around Rs 12,500 per square foot to about Rs 7,000, bringing the product within reach of more seniors in SEC A and B households. ## 2. Assisted Care Services: the care network that catches seniors when they need more **Antara runs care homes, delivers care inside seniors’ own homes, and sells senior-specific wellness products - three formats that share the same clinical backbone and feed each other patients.** - **Care homes organised by need, not just age** - the company operates four distinct service categories under one roof: Transition Care for short-term post-operative recovery with 24/7 doctor availability, Assisted Living for those needing help with daily activities, Memory Care for dementia and Alzheimer’s patients led by psychiatrists, and Care-at-Home for those who prefer to stay in their own residence. This segmentation means a senior can move between levels of care without changing providers. - **A clinical moat built on 800 SOPs** - every care process is governed by over 800 standard operating procedures and undergoes monthly audits covering infection control, hygiene, food safety, and clinical practices. The Memory Care home in Gurugram became the first care home in India to receive NABH accreditation, and the Noida facility has since followed. - **Eight care homes, 485 beds, and counting** - as of early 2026, the network spans NCR, Bengaluru, and Chennai, with the largest facility at 98 beds in Gurgaon Sector 24 and the newest in Chennai and Bangalore Whitefield launched in early 2026. The business reaches unit-level break-even at just 45-50% occupancy, and the average revenue per occupied bed was Rs 6,100 per day in FY26. - **Care at home feeds the care homes** - about 20% of all hospital discharges require services at home, and the company’s home healthcare arm - which has touched roughly 14,500 lives - captures that demand while acting as a feeder channel into the care homes when a senior’s needs escalate. The two businesses have been merged to share infrastructure and staff, cutting costs. - **AGEasy: a wellness brand built on patents** - launched in August 2023, the direct-to-consumer platform sells 159 products across four chronic conditions - joint pain, lung health, fall prevention, and gut health - and holds six patents, three of them already awarded. It has reached over 250,000 unique customers, with the top ten products delivering an average gross margin of 47% online, and eight products ranking among Amazon’s top ten bestsellers in their categories. # Group structure and partners **Max India is a listed holding company that operates through wholly owned subsidiaries, with a partnership-heavy model that keeps its balance sheet light while giving it access to land, distribution, and product innovation.** - For its residence projects, Antara partners with landowners and developers rather than buying land - the Noida project was developed through a joint venture, Contend Builders Private Limited, and the Gurugram intergenerational communities are managed for Max Estates Gurgaon Ltd and Max Estates Gurgaon 2 Ltd under a development management agreement. - Distribution and product partnerships multiply reach: Axis Bank gives Antara access to over 20 lakh customers through its Silver Linings Program, boAt co-develops senior-care wearables, Wellbeing Nutrition co-develops nutraceuticals, and Dr. Lal PathLabs provides customised diagnostic services. - The company has worked with NITI Aayog on policy papers for insurance and standardisation, and with NABH to help create care-home standards - positioning itself as the reference point for organised senior care in India.