India’s elderly population is steadily growing and is expected to touch 320 million by 2050. This rise is creating a need for advanced age-specific solutions—assistance with daily tasks, specialised medical care, social support, etc. Unfortunately, many families struggle to provide it, and government resources for elderly care in India are often inadequate.
To meet this gap, a series of innovative startups have taken birth. They offer a wide range of products and services tailored to the needs of the elderly. From healthcare and home assistance to social engagement and technology solutions, these startups are striving to make a difference in the lives of India’s seniors.
Let’s explore the Indian elderly care market, its current state, and how start-ups are addressing this space.
Elderly care market in India and its scope
India’s elderly population is projected to rise from 8.6% in 2011 to nearly 25% by 2061. According to the 2011 census, nearly 15 million seniors in India live without the support of family or friends.
As a result, the demand for geriatric care, elder-friendly products, jobs for retirees, travel, and counselling and companionship services is on the rise, creating a significant opportunity for startups.
Currently, there is a small but increasingly visible group of elderly-focused startups in India—GoodFellows, Athulya Senior Care, etc.—drawing investor attention. The elderly care market is diverse and different players are addressing different needs, making it a challenging yet exciting space to operate in.
Startups addressing elderly care in India | Current market players
The Indian elderly care market is growing, and startups are stepping in to cater to its diverse needs. Here are some key players in this space:
- Senior living communities:
Ashiana Housing and Athulya Senior Care offer senior-living projects and homes for senior communities, respectively. Athulya also provides nursing and palliative care services and partners with hospitals and labs.
- Geriatric care providers:
Portea Medical, Nightingales Home Health Services, and TriBeCa Care offer personalised care plans for seniors with chronic diseases such as Alzheimer’s, Parkinson’s and dementia. EMOHA Elder Care provides complete 360-degree senior care services.
- Elder-friendly products:
Seniority and ElderEase offer products designed to make seniors’ lives easy and comfortable, including mobility aids, healthcare products and daily living aids.
- Jobs for retirees:
SeniorJobs, Workforce50 and WisdomCircle offer job opportunities specifically for seniors in various industries.
- Travel and companionship services:
SeniorWorld and Golden Agers provide travel packages and companionship services for seniors. GoodFellow takes it a step ahead and offers empathetic youth companions for the elderly.
- Counselling services:
SilverTalkies offers counselling services, support groups, and workshops specifically designed for seniors.
Increasing investor interest in elderly care space
The Indian Geriatric Care Services Market is growing at a rate of 7% and is expected to reach $42.2 billion by 2028.
Investors are eyeing the massive potential of India’s elderly care market, with billionaires like Ratan Tata and Niranjan Hiranandani backing startups like GoodFellow. Other startups like:
- Athulya Senior Care has received INR 77 crore in funding from Morgan Stanley India Infrastructure, which the company says was “one of the largest fundraisings in India’s senior care service sector.”
- WisdomCircle raised INR 15 crores from Prime Ventures, Huddle and Kirthiga Reddy.
“With a growing pool of senior talent, investors are showing an increased interest in age-tech. This makes it an exciting time to invest in this space and support the development of innovative services for seniors and their families.”
– Sanil Sachar, Founder of Huddle.
Addressing gaps for elderly care in India with new age startups
Innovative startups in India are addressing the significant gaps in the elderly care market—lack of age-specific solutions, unavailability of organised elder care services, etc. Several families face difficulties in finding suitable care for their loved ones as many healthcare providers fail to cater to the unique needs of seniors.
However, startups like Seniority, Portea Medical, EMOHA Elder Care, etc., are striving to make a difference by addressing these gaps. As the demand for elder care services in India continues to grow, these age-tech startups will play a vital role in meeting the needs of this demographic.
While profits are a motive for entering any business, senior care requires dedication and voluntary service to make it successful. Furthermore, the startups will have to ensure their products and services are a no-brainer for seniors and don’t become a learning burden.
What do you think? Let us know in the comments.
