Boomer care- an emerging and burgeoning sector
With the average age of people increasing, the global elderly population is steadily rising giving birth to a new industry- products and services targeting the boomers or the senior citizens i.e. aged over 60. Plus, the rise in these people’s disposable income has increased their aspirations for a better life giving opportunities to a slew of startups to optimally utilise the opportunity.
An emerging crop of young startups is looking to cater to senior citizens with a vast array of products and services. Some even offer them holiday packages, lifestyle products and jobs platforms.
Some notable startups in this sector are Ratan Tata backed Goodfellows which was founded by his mentee Shantanu Naidu; Seniorworld, Seniority.in, Wisdom circle, Athulya Senior Care and others.
- Ratan Tata backed Goodfellows also enjoys the backing another billionaire investor Niranjan Hiranandani of the Hiranandani Group. He invested in it 3 months after Ratan Tata’s investment and public backing. It provides companionship to elders through its network of registered volunteers.
- Seniorworld provides travel packages to elders and easy to use mobile devices and safety kits.
- Seniority.in is an online marketplace catering to senior citizens focused on accessories and grooming kits.
- Wisdomcircle provides employment opportunities for retirees.
- Athulya elder care provides assisted living and home healthcare services to the senior citizens.
Global boomers or senior citizens population which stands at 1.4 billion currently will reach a population of 2.1 billion by 2030. Such huge population size which makes it lucrative for startups to target them.
