Industrialist and philanthropist Ratan Tata has announced investment in ‘Goodfellows,’ India’s first companionship start-up for senior citizens which appoints young graduates who provide companionship ‘similar to what a grandkid would do’. A report by Narvir Rooprai
Industrialist Ratan Tata has launched India’s companionship start-up for senior citizens, Goodfellows, in a bid to encourage intergenerational friendships. Commenting on the investment, Ratan Tata, Chairman Emeritus of Tata Sons, said, “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.” Speaking at the launch, Ratan Tata said no one cares about getting old until they actually get old. Getting a good-natured companionship is a challenge.
Since stepping down as CEO of the salt-to-software Tata Group, the 84-year-old industrialist has been an enthusiastic supporter of startups. To date, he has invested in more than 50 businesses. Ratan Tata provided funds or backed nearly 50 start-ups such as Airbnb, Bombay Hemp Company, Bluestone, Goquii, Ikure, Nestaway, Paytm and Ola Electric among others. He had also exited from two ventures — Lenskart and Urban ladder – while a couple of them became Unicorns, a term for a start-up valued at $1 billion and more. Ratan Tata is a philanthropist and continues to head the group’s charitable trusts. In his capacity, he has been investing or supporting firms with philanthropic causes ranging from electric vehicles to healthcare and mobility.
Shantanu Naidu, an MBA from Cornell University, founded the Goodfellows startup. The 28-year-old is a General Manager at Tata’s office and is the fifth generation of his family to work in the Tata Group. Shantanu Naidu shares Ratan Tata’s love for dogs and strays. He has previously started a venture around pets as well. “Intergenerational friendships are a kind, meaningful and authentic way to help the elderly living alone with companionship and warmth in the way that GoodFellows is offering. I am keen to see how GoodFellows progresses and wish Shantanu and his young team all the very best,” an emailed statement said.
“Several non-profit models in this space have failed since volunteering happens as per the availability of volunteers and no one invests enough time with one senior to form an authentic bond. Once the desire is over, volunteers move away which impacts seniors gravely,” the start-up said in a statement. The start-up, in its beta phase, is trying to discover how organically the Grandpals bonded with the Goodfellows.
