As silver economy grows, India sees a rise in start-ups focused on seniors

As the silver economy grows, India is witnessing the growth of multiple senior-focused startups such as Senior World, Goodfellows and GetSetUp that offer innovative products such as online peer-to-peer community, the companionship of young adults, customised mobile phones and travel packages. 

India’s senior population (aged 60 yrs or above) is expected to grow to 319 million in 2050 from 103 million in 2011, according to the Longitudinal Ageing Study of India (LASI). This would make up almost 18 per cent of the country’s total population and almost equal the population of countries such as Russia (143 million) and Mexico (130 million). 

According to the founder of Goodfellows, Shantanu Naidu, there are almost 15 million seniors living all by themselves in India for various reasons. Rata Tata-backed Goodfellows addresses this lack of companionship in seniors’ lives by enabling inter-generational friendships by connecting seniors with young adults (also called Goodfellows). 

Founded in 2022, the company has about 35 young adults on its payroll, who are matched with seniors to spend time with them and offer companionship. Naidu noted that  Goodfellows are selected through a rigorous selection process, with a selection rate of 1-2 per cent. 

“We have almost 2,500 applications from young people, but only 35 Goodfellows because the recruitment process is rigorous. It’s a question of safety and handpicking empathetic people. Authenticity is something that cannot be faked and authenticity is something we absolutely need to develop organic friendships and relationships,” Naidu added. 

Goodfellows has around 60 to 75 seniors on the platform. The company works on the subscription model, where the first month is free and on the 30th day, seniors can take a call on whether they want to continue with the service by paying a premium. While Naidu did not share an exact subscription price , he said it could go up to Rs 5,000 per month.

Similarly, Mumbai and San Francisco-based GetSetUp is also addressing the lack of socialisation and companionship in seniors’ life through a peer-to-peer network for seniors to learn new skills or activities. Deval Delivala, Senior VP of International Markets & Co-founder of GetSetUp, noted that the company’s vision is to help seniors feel connected to the community and reduce loneliness in their lives. 

“We want them to stay physically and mentally active by doing exercises and talking about mental health, among other things. Every class that seniors take on GetSetUp, whether it is a yoga class or a class on how to use Instagram, is taught by someone who is aged 55 years and above. This allows for a judgment-free environment and also allows communication and fosters bonds,” she added. 

Almost 4.6 million older adults have consumed GetSetUp’s content globally in the last three years. Whether it’s on their platform, or on the company’s partner site, GetSetUp’s content is available in all countries, but its teams are focused on the Indian and the US markets.

On the other hand, SeniorWorld is focused on enabling seniors to live independent lives. The company offers products, including a custom mobile phone called Easyfone, safety solutions (motion-activated LED light, safety alarm etc) and senior-focused travel packages. 

“Easyfone has over 30 features, making the device more accessible to seniors who might be dealing with low hearing or are new to technology. The phone comes with an extremely high volume speaker and receiver, and instead of speed-dial, Easyfone has photo dials — so the phone has four photos of the senior’s immediate family, which they can press to dial the respective contact numbers, among other features,” said MP Deepu, Co-Founder & COO of SeniorWorld.

Deepu added that the company’s travel packages have a specific design which suits customers in the senior age group (the average age of customers on the platform is 70 years) like slow-paced itineraries, hotels which are closer to hospitals, etc. The company said it has a repeat and referral rate of 60 to 70 per cent in its travel offering. Till now, 4,000-5,000 customers have bought SeniorWorld’s travel packages.

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