Industry leader Ratan Tata on Tuesday announced an undisclosed investment into startup Goodfellows that offers companionship to lonely senior citizens as a service. The octogenarian industrialist has been an active backer of startups ever since retiring from the helm of the salt-to-software Tata Group and has invested in over 50 companies till now.
The Goodfellows startup was started by Cornell University MBA Shantanu Naidu. The 28-year-old, who works as a General Manager at Mr. Tata's office, is a member of his family's fifth generation of Tata Group employees.
Ratan Tata, the Chairman Emeritus of Tata Sons, provided seed money for the platform in an unknown amount. At the launch of Goodfellows, Ratan Tata said, "You do not know what it is like to be lonely until you spend time alone wishing for companionship."
The startup appoints young graduates, 'Goodfellows', who help in assisting the senior citizens and provide companionship, "similar to what a grandkid would do"
With 15 million elderly people in India living alone, many of them have caregivers but the problem of loneliness or lack of company has been the main cause of declining mental and physical health. This may be because of the loss of a partner or because families moved away for unavoidable work reasons.
“Over the past 6 months, Goodfellows has taken the time to complete a successful beta and will now be available in Mumbai with Pune, Chennai and Bangalore as the next target cities,” the company said in a statement.
Over 800 young graduates applied to work at Goodfellows during the beta testing phase, and 20 of those candidates were chosen to provide companionship to the elderly in Mumbai, according to the company.
Senior citizens can avail the services by signing-up on thegoodfellows.in or can give a missed call at +91 8779524307.
“The startup emphasises that companionship means different things to different people. To some it may mean watching a movie, narrating stories from the past, going on a walk or quiet company sitting around doing nothing together, and we are here to accommodate it all. Mr. Tata’s investment in our venture further is a huge source of encouragement to our dedication to this concept,” Shantanu Naidu, founder and general manager of Goodfellows said.
The site will also hold regular gatherings for its users to attend in order to strengthen ties and have fun in a different setting.
Goodfellows offers a freemium subscription model for the users. First month is free for the senior citizens with the goal to understand the concept and how to go about it. From the second month, a small subscription fee has to be paid based on the limited affordability of pensioners.
The subscription model guarantees that, when senior citizens bond with their companions they stop rotating the graduate visiting them because that doesn't provide them enough time or emotional support to develop a true friendship. "When we make a friend, we want to see the same friend often. A new person every time will prevent this from happening," the company explained.
Commenting on the investment, Ratan Tata, Chairman Emeritus of Tata Sons said "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."
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