Shantamma, a septuagenarian, lives alone in Bengaluru as her husband is no more and her only son lives and works in the US. As she navigates the practical and emotional challenges of leading a solitary life as a senior citizen, she looks forward to a daily disruption in the familiar rhythms of her day-to-day life — a brief 15-minute video call with her son.
Shantamma’s situation is all-too-familiar to a growing number of ageing Indians who live alone either because they have no immediate family or their loved ones are in a different city or country. This, in turn, is fuelling a demand for eldercare services ranging from daycare to institutional care and assisted senior living spaces, among others.
Catering to these needs are a host of governmental and non-governmental organisations, apart from private businesses. In recent years, start-ups have ventured into the long-term senior care segment.
Some, such as GoodFellows, even facilitate intergenerational friendships to help reduce feelings of loneliness. Founded in 2022 by Shantanu Naidu, GoodFellows employs young graduates to extend a hand of friendship to senior clients.
“The number one need of the elderly population is companionship. While most senior-care start-ups have focused on utility, and built apps and services around it, we have focused on addressing the loneliness,” says Naidu.
Nearly 55 per cent of his clientele are non-resident Indians who subscribe to his services for their parents as the seniors are unwilling to uproot themselves from familiar surroundings to move overseas.
Apart from loneliness, seniors living on their own continually battle fears of an impending medical emergency, says Saumyajit Roy, CEO and co-founder of Emoha Eldercare. Launched in 2019, the start-up offers senior clients round-the-clock healthcare services at home, including emergency care. The continual monitoring helps promote an active and energised lifestyle, ensuring every senior citizen under their care can live an independent and dignified life, Roy says.
With a presence in 120 cities, Emoha’s subscription plans start at ₹199 a month; its comprehensive care plan is priced ₹15,000 a month.
“The company has conducted 5,000 health outreach programmes and saved over 1,000 lives in the last five years,” says Roy. “The business model is designed to solve problems rather than just sell plans, with flexibility to customise care based on individual needs.”
Khyaal, founded in 2020 by Hemanshu Jain and Pritish Nelleri, describes itself as a club for senior citizens, with live workshops, games, and curated travel experiences.
To help senior members navigate the world of digital convenience on their own, it offers secure payment solutions, including a fintech card (Khyaal card), which they can use for online shopping, gold investments, and healthcare services.
The annual membership fee is ₹999 per person. The freemium model allows members to try services for free initially before subscribing to premium services.
“We have partnered with healthcare providers, with CaratLane for digital gold, and with Visa for the Khyaal card,” Jain says.
Samarth Life, launched in 2015, offers customised care plans based on pre-existing health conditions and other specific needs. “Our subscription, aimed at offering recurring services to the elderly, ranges from ₹8,999 to ₹14,999 per month, paid quarterly or annually. This flexibility ensures continuity of care of the highest quality,” says co-founder and CEO Asheesh Gupta.
Funding growth
Funding for start-ups in the eldercare sector peaked in 2023 to $9.74 million, according to market intelligence platform Tracxn, from $4.94 million and $6.33 million in 2021 and 2022, respectively.
The flow has, however, slowed to a trickle in 2024, with just $2.48 million raised to date. Yet, of the over 130 eldercare companies in India, more than 46 per cent were founded in just the last five years.
“Despite a recent decline in funding for eldercare start-ups in India, the sector remains promising due to the rapidly ageing population, changing family dynamics, and the scope for innovative solutions to address the growing demand for eldercare services,” says Neha Singh, CEO and co-founder of Tracxn.
“Investors remain optimistic about the long-term growth potential of the market, indicating that the current funding challenges may be temporary,” she says.
While some eldercare start-ups are focusing on expanding their workforce, others are coming up with newer products and services.
Emoha, for instance, plans to increase its staff count to 250 from 80 within a year. “Our goal for the next two years is to establish a hyper-local presence across the country,” says Roy.
GoodFellows aims to secure 1,000 subscribers by mid-February, says Naidu.
Jain is equally optimistic, anticipating a tenfold growth for Khyaal within 2-3 years. “We are experiencing nearly 100 per cent growth quarter-over-quarter,” he says.
Challenges
Building trust remains the chief challenge facing the eldercare service sector, as it works with an older demographic, which is seen as extra-vulnerable to physical, mental and financial abuse, including from caregivers, says Gupta of Samarth Life. Price sensitivity is another crucial factor, given that older people are typically reluctant to spend on themselves.
These concerns are compounded by factors such as lack of awareness, shifting family dynamics, and regulatory uncertainties, says Naidu.
Jain points to the lack of adequate research on the senior age group, which is a major stumbling block in gaining an understanding of their specific needs and the means to address them.
Last, and certainly not the least, is the requirement for qualified and skilled caregivers and support staff. Naidu points out that it is crucial to understand, and fulfil, the professional needs and aspirations of the younger caregivers — who are mostly in their early twenties — to help attract and retain their services.