Hiranandani invests in Ratan Tata backed Goodfellows, firm expects break-even in 6 months

Ratan Tata and Shantanu Naidu (left) at the launch of Goodfellows (Image credit: goodfellowsindia/Instagram)

Senior citizen companionship provider Goodfellows has raised investment from Hiranandani Group co-founder and managing director Niranjan Hiranandani and YourStory founder and CEO Shradha Sharma, the company said on Thursday.

Goodfellows founder Shantanu Naidu told PTI that the company will use the fund for the expansion of service to Bengaluru.

"We are present in Mumbai and Pune. We will be adding Bengaluru and Kolkata in the next two months. We are closing a contract where our service will be offered as part of retirement benefit on test basis and the company will pay for it. If it is successful then we will expand it across corporates. For this expansion plan, we will need to hire aggressively and to hire aggressively, we need capital to scale up," Naidu said.

Goodfellows was launched in September 2022, with a token investment from Ratan Tata.

It hires young professionals who spent 2-3 hours time with senior citizen as companion for a monthly fee of less than Rs 5,000 which is ploughed back into the company's operations.

Naidu said that the company will raise next round of funding in next six months to support expansion.

"We have 35 recruits right now and we are aiming at 65 but by end of the financial year, we plan to have 100 Goodfellows in the four cities. The break even will be in six months unless some challenges come. It is not a difficult goal to achieve," Naidu said.