Ratan Tata Invests In India's First Companionship Startup For Senior Citizens - All You Need To Know
Ratan Tata's grace, simplicity, and humility have often caught people's attention. Despite being one of India's most well-known industrialists and successful businessmen, he has always lived a simple life.?
Recently, Tata Sons¡¯ chairman emeritus Ratan Tata has made a seed investment in a startup called "Goodfellows" that aims to help the elderly by pairing them with young and educated graduates for meaningful companionship. This startup will offer support and friendship to the elderly.
In the last six months, "Goodfellows" has completed a successful beta and will now be available in Mumbai and soon in Pune, Chennai and Bengaluru.
Ratan Tata said about the Goodfellows - India's first companionship startup for senior citizens, "The bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue In India. I hope the investment helps the young team at Goodfellows grow."
Shantanu Naidu - Founder of Goodfellows
28-year-old Cornell University-educated Shantanu Naidu founded the Goodfellows startup. Since 2018, Naidu has been assisting Tata as a general manager. He shares Tata's love for dogs and strays and had previously started a venture around pets as well.
Apart from this, Naidu has also worked as a Design Engineer at Tata Elxsi.
Industrialist Ratan Tata praises Shantanu Naidu¡¯s ideation and also forgives his mentee for the time he spends away from the office. During the launch of Goodfellows, Ratan Tata said no one cares about getting old until they actually get old.
The Goodfellows startup will help to bridge the gap and offer a genuine bond instead of just services. The Goodfellows are ¡°essentially grandkids-on-demand,¡± says Shantanu Naidu.
What is the Goodfellows startup?
The business model of Goodfellows is a freemium subscription model. The first month is free with only the goal of having the Grandpal experience this service. The second month onward is a small subscription fee that has been decided based on the limited affordability of pensioners.
Goodfellows also offers short term internships as well as employment to graduates looking to find a job that allows them to apply their educational background in this space.
This startup hires young graduates having the right skills of empathy and emotional intelligence to 'work' as the senior citizen clients' companions, and ease the day for them with any tasks or just talk with them.
They will also assist their elders with all day-to-day tasks like going for walks, helping with grocery shopping, accompanying them to the doctor¡¯s office, teaching them about technology, helping with paperwork, watching movies together, taking naps together, and more.
Goodfellows received a positive response
The company has been working with 20 elders for the last six months in its beta phase in? Mumbai and also planning to offer services in Pune, Chennai and Bengaluru next.
During the beta testing, Goodfellows received a positive response with over 800 applications from young graduates looking to be employed at Goodfellows of which a shortlisted cohort of 20 provided companionship to the elderly in Mumbai.
Naidu said he wants to scale up across the country but would prefer to go slow without compromising on the quality of the companions it hires.
The startup is Shantanu¡¯s endeavour to help bridge this gap and offer a genuine bond instead of just services. The Goodfellows are ¡°essentially grandkids-on-demand,¡± says Shantanu.
15 million elderly in India living alone
There are 15 million elderly in India living alone, either due to the loss of a partner or families moving away for unavoidable work reasons. Maybe this amazing startup idea help to provide a company for elderly people in India living alone.?
Ratan Tata said he would be delighted for this Goodfellows service to grow and mature into something which innovatively changes people's lives.
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