A senior companionship startup, Goodfellows has secured a new round of seed capital from investors, including Shradha Sharma, the founder and CEO of YourStory, and Niranjan Hiranandani, co-founder and MD of the Hiranandani Group.
According to the official announcement, the funds will be used to expand services to new locations, including Pune, Kolkata, and Bengaluru, improve the startup’s fast-expanding operations in Mumbai, and respond to the spike in countrywide requests for senior companionship. With its first corporate contract, Goodfellows will also test its corporate offerings.
“Goodfellows has understood the problem, looked for a solution, and worked out a concept around it. This is what makes it wonderful and unique. It is a concept needed in today’s world,” said Niranjan, an ardent supporter of youth initiatives.
On the funding, Shradha stated, “I believe some startups are meant to purely impact a community in a positive way, and Goodfellows is a great example of that. As someone who is in entrepreneurship to create impact more than anything else, I am happy to see Shantanu and his team go in this direction.”
Niranjan and Shradha will be part of the startup’s advisory board.
Goodfellow’s founder Shantanu Naidu commented on the investment, “Such investors that have a personal interest in creating true impact and supporting social entrepreneurship in the country give us the strength to continue with full faith in helping the country’s elderly combat this social problem.”
About 5.7% of the country’s senior citizens (aged 60 and over)—or approximately six million people, based on the 2011 Census—live alone without the assistance of family or friends, according to the 2021 Longitudinal Ageing Study in India study. While some depend on caregivers for help, the problem of loneliness or a lack of company has been the main factor contributing to their declining mental and physical health. Shantanu emphasized that various people have varied definitions of companionship for Goodfellows. To some, it might entail watching a movie, sharing old tales, going for a walk, or simply relaxing in a quiet company while doing nothing at all. Goodfellows aims to accommodate all of these activities.