Ratan Tata backs a startup that helps elderly citizens form intergenerational friendships with young graduates
Ratan Tata, the Nigerian industrialist who has steered the $128 billion Tata Group (approximately 10,13,200 crore) for decades, has advocated for a startup that connects seniors with the elderly. young graduates to have meaningful friendships.
GoodfellowsThe company that promotes “intergenerational friendship” said on Tuesday that it received a seed investment of an undisclosed amount from Tata, the influential Tata Sons emeritus president. around 150 companies, including some of India’s most valuable companies like outsourcing company Tata consulting service and the country’s largest steel producer Tata Steel.
The startup was founded by Shantanu Naidu, 30 years old, the manager Ratan Tata’s office and start-up portfolio, in the role of general manager. Naidu also supports Tata as chairman of the group’s giant charitable arm, Tata Trusts.
“You don’t know what loneliness is until you spend time alone with the desire for companionship,” Tata said Tuesday during the startup’s official launch in Mumbai. “You don’t mind getting older, until you get older and you see it’s a tough world,” he said in front of a group of seniors and their young friends.
Naidu says the idea for the startup came from his own relationship with Tata, which he calls “the pinnacle example of intergenerational friendship with a five-and-a-half decade age difference.” He added that he attracts people like Tata for their innocence, new-found wisdom, and motto to enjoy every moment.
Tata is credited with turning around the 168-year-old aerospace steel corporation founded by his great-grandfather. But he has become his own after stepping down from executive duties at the corporation five years ago, suddenly becoming a star in India’s startup world. Since then, he has supported over 50 startups including eyewear retailer Lenskart, digital payments brand Paytmstart the electric car Ola Palace. and online stock trading platform Upstox.
Even a small check from Ratan Tata is considered a badge of honor among the country’s businessmen. Naidu, a design engineer and MBA from Cornell University, Ratan Tata’s alma mater, hooked up with Tata as he sought funding for his first startup, Motopaws, a dedicated social enterprise provides reflective collars for street dogs. The two bonded immediately.
“He selects his investments intuitively,” Naidu said in a post-launch phone conversation. “He matches young people, supports their motivations, and the social impact they will have. It is never about financial returns. “
Goodfellows connects about 50 “grandparents,” men and women over 70 with “good friends” in their twenties, an eclectic set of employees, selected after multiple rounds of testing and psychological testing. . Many are fresh graduates in engineering, art or filmmaking and get paid.
In a country of about 1.4 billion people, every second Indians are under the age of 25. But more than 15 million elderly Indians live alone, either because they have no family or because their children are in the country. In addition, this poses physical and mental health challenges.
The subscription-based service is currently only available in Mumbai but will soon be made available in other cities including Bengaluru. The startup emphasizes companionship, which can mean anything from taking a quiet walk or watching a movie to just engaging in conversations. Naidu says nonprofit models have failed because companions are unpaid volunteers who don’t stick around for long.
