Ratan Tata, a seasoned industrialist, has made an investment in the firm Goodfellows to combat senior citizens’ loneliness. The investment amount, however, has not been made public. Ratan Tata has continued to promote startups even after leaving the Tata Group.
have made investments in more than 50 businesses so far. Shantanu Naidu is the creator of the aforementioned new startup, Goodfellows. Naidu, a Cornell University alumnus who is 25 years old, has worked as Tata’s assistant since 2018.
Tata, who is 84, is one of just 15 million elderly individuals worldwide.
“You don’t know what it’s like to be alone until you live alone with the hope of spending time with someone,” he said to those who are single. It can be challenging to find a mate with excellent nature. Tata was addressed by Naidu as a friend, mentor, and boss. According to Shantanu, there are 15 million elderly persons living alone in the world.
Young grads are hired by the startup Goodfellows to “work” as senior folks. A partner pays the customer three times a week and stays for four hours. Goodfellows offers one month of free service before starting to charge Rs. 5,000 per month.
At the moment, Goodfellows Service is in Mumbai.
Currently, Mumbai is the location of this Goodfellows subscription-based business. She is here assisting 20 senior citizens. However, it will soon begin in other places, such as Bangalore. Every second Indian, a nation of about 140 crores, is under the age of 25.
However, more than 1.5 million senior Indians live alone, either without a family or with offspring who live abroad. These elderly people must contend with issues with their bodily and mental health in such a circumstance.
What is the business strategy of Goodfellow?
The business model used by Goodfellow is a freemium subscription model. With the intention of allowing the elderly to use this service, the first month is offered free of charge. After the second month, there is a nominal membership charge that is set based on the diminished capacity of the pensioners.
According to the startup, 15 crore old individuals in India are living alone, either because they have lost a partner or because their families have had to relocate owing to inescapable employment obligations. Goodfellow is working toward providing them with something worthwhile.
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