Ratan Tata backs senior citizen companionship startup Goodfellows with an undisclosed investment

New Delhi: On August 16, industrialist Ratan Tata announced an undisclosed investment in senior companionship startup Goodfellows, founded by Shantanu Naidu, a manager in his office.

Goodfellows, a paid service that pairs senior citizens with young graduates, has completed a beta phase in Pune over the past six months. The company intends to expand its operations in Mumbai, Chennai, and Bengaluru.

Commenting on the investment, Ratan N. 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.”

According to the company, the young graduates it has been hiring have been screened for empathy and affinity toward the elderly. The vetting process is intended to select the best candidates who can engage with clients in an "authentic and meaningful way," according to the statement.

According to Naidu, companionship means different things to different people. "To some, it may mean watching a movie, narrating stories from the past, going for a walk, or quiet company sitting around doing nothing together," the 25-year-old explained.

According to a press release, Goodfellows' business model is a "freemium subscription model," which means that the first month of services will be free, but after that, a small subscription fee will be levied.

As per the company, it also hosts monthly get-togethers where clients can "meet each other as well as more young graduates, building a sense of community."