BY ROBIN GHOSH ,
ECONOMIST AND BUSINESS MENTOR,
KOLKATA, 18 JANUARY 2025:
A new frontier of business has emerged in India, and that is – the business of eldercare.
What is this business?
This business is creating a space where elderly can live independently – yet connected, surrounded by care, community, and dignity.
Is this happening or is it a wooly business dream?
No, no. It is happening. Just look at this data
* Currently, there are 235 Age- tech startups in India
* $ 51.4 million funding received from investors.
Business essentially is problem solving. Identify a specific problem and create a solution. It is a response to a challenge.
So, identify what problems Senior Citizens are facing?
Briefly, they are:
1.Maintaing their physical and cognitive health.
2 .Issues with Digital Literacy
3 .Fear of Financial Fraud.
4 . Social Isolation. 5. Limited access to health care and support services.
Now, if you want to start a business in the elder care sector, — how do you start?
A step by step guide:
1.Study a few Companies involved in elder care business like Primus Senior Living, Emoha, Khyaal, and GenS.
2 Create a space to provide end to end service to the elders comprising health, nutrition, engagement, concierge, housekeeping and common area maintenance.
3 Create a Business Model. Key pillars resting on community, smart payment card and commerce.
4 The overall approach should be hyper – local and to create compassionate and comprehensive care solutions. That enhances the quality of life for seniors.
5 The revenue model should be annual club membership with exclusive benefits and recurring benefits for each transaction.
6 Develop an app and offer it
free to create quick and fast access to your club.
It must be understood that narrative about how to deal when you are in your sixties — offer a fresh narrative.
Create a platform for seniors to celebrate life with vibrance, vitality and elegance.
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