Ratan Tata backs senior companionship start-up Goodfellows

File image of Ratan Tata, Chairman Emeritus, Tata Group

Industrialist Ratan Tata on August 16 announced an undisclosed amount of investment in senior companionship startup Goodfellows, which has been founded by Shantanu Naidu, a manager in his office.

Goodfellows, designed to pair senior citizens with young graduates in the form of a paid service, has completed a beta phase in Pune over the past six months. The company now plans to extend its services in Mumbai, Chennai and Bengaluru.

"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," the 84-year-old Tata said.

The company said the young graduates, which it has been hiring, are vetted for empathy and affinity towards the elderlies. The vetting process is aimed at selecting the best applicants who can engage with the clients in an "authentic and meaningful way", it added.

Companionship has a different meaning for different set of clients, suggested Naidu. "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," the 25-year-old said.

The business model of Goodfellows is a "freemium subscription model", a press release noted, adding that the first month of the services will be free, a small subscription fee will be levied from the second month onwards.

The company said it also organises monthly get-together events, where the clients can "meet each other as well as more young graduates, building a sense of community".