Ratan Tata on August 16 announced his investment in Goodfellows, a startup that offers companionship to senior citizens as a service. The startup was founded by Ratan Tata’s business assistant Shantanu Naidu, who has been working for the chairman emeritus of Tata Sons since 2018.
At the launch of Goodfellows, Ratan Tata, 84, spoke about growing older and the need for companionship.
“You do not know what it is like to be lonely until you spend time alone wishing for companionship,” he said. “I also feel that you don’t mind getting old until you get old, and then you find it’s a different world,” added Ratan Tata.
Tata, a seasoned businessman and investor, has invested an undisclosed sum in the startup.
"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 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 has been hiring young graduates that are vetted for empathy and affinity towards the elderly.
Besides offering companionship to the elderly, Goodfellows will also organize monthly get-together events where clients can meet each other.
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