Ratan Tata Investment in Goodfellows: Ratan Tata, Chairman Emeritus of Tata Sons, has made a seed investment in a startup called ‘Goodfellow’ which aims to help the elderly by connecting the youth and educated graduates for meaningful collaborations. In the last six months, ‘Goodfellow’ has completed a successful beta and will now be available in Mumbai and soon in Pune, Chennai and Bengaluru.
Ratan Tata praises Goodfellow
Ratan Tata said during the organization’s event yesterday that the bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue in India. I hope the investment will help the young team at Goodfellow grow.
Goodfellow got a lot of positive response
During beta testing, Goodfellow received a positive response with over 800 applications from young graduates looking for jobs at Goodfellow, of whom a shortlisted group of 20 supported the elderly in Mumbai. Goodfellow provides short-term internships as well as employment to graduates looking for jobs that allow them to apply their educational background to this location.
What is Goodfellow’s business model
Goodfellow’s business model is a freemium subscription model. The first month is free with the goal of letting the elderly experience this service. After the second month there is a small membership fee which is fixed on the basis of limited capacity of the pensioners. The startup said on Tuesday that 15 crore elderly people in India are living alone, either due to the loss of a partner, or families are moving away due to unavoidable work reasons. Goodfellow is moving towards doing something meaningful for them.