Sahil (@sahil071) and Siddharth (@sidbetala) hang out and discuss various ideas on this episode of Business Munchies. We're now actively sharing interesting snippets on Twitter and reels on Instagram. Follow us there to stay updated!
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Timeline
(01:54) - Senior Citizen Market in India
(33:27) - Using Drones for Agriculture
Senior Citizen Market
- Market Size
- Currently, India has more than 138 Million Senior Citizens. 67 Million Male, 71 Million Female. By 2030, this number is expected to be 200 Million.
- Estimated to be a Rs. 73,000 Cr market or $10 Billion
- The report noted a significant increase in the old-age dependency ratio, which rose from 10.9 per cent in 1961 to 14.2 per cent in 2011 and is projected to increase to 15.7 per cent and 20.1 per cent in 2021 and 2031, respectively. The old-age dependency ratio is defined as the number of persons aged 60+ per 100 persons relative to the age group 15-59.
- Why this market is ripe for opportunities?
- Empty Nest Syndrome
- Higher Spending Power AND Willingness to Spend
- Higher Education Levels
- The report said literacy levels among elderly males and females have improved over time in both rural and urban areas, but it noted a huge gender gap, with only 28 per cent female elderly literate as against 59 per cent males (Population Census 2011)
- Life Expectancy on the Rise
- Needs that can’t be catered by the startups focused on Gen Z and Millenials
- What are the main needs for this segment?
- Health Related - Physical & Mental
- Safety System
- Financing Security
- Effective use of Time
- Is the Govt of India focused on this segment?
- Ofcourse. In Jun 2021, they launched SAGE program. SAGE is Senior Ageing Growth Engine. Launched by Ministry of Social Justice and Empowerement.
- 100 Cr fund. To invest 1 Cr as equity investment as a startup.
- The ministry has developed a 9-by-9 grid defining the elder care focus areas for evaluating start-ups and business ideas under this scheme.
- What are some of the interesting companies in this field in India?
- Seniority - 31 Cr Income, 65 Cr Expenses
- Portea
- Goodfellows
- Khyaal
- Samarth Eldercare - 67 Lakhs Revenue
- Emoha - 4 Cr Revenue
- What are some of the interesting companies internationally?
- Papa - On-demand Young Pals for Elderly - $241 funding. Maybe $30-40 million in revenue. $15/hr or $15 memberships with additional features.
- Deveoted Health - $2B in Funding - Medicare Advantage Plans
- Caring Wire - Content Platform
- Kuvu - Elder People Renting rooms to younger folks at more affordable rates
- GetSetup - $20m in funding, community based courses for elderly.
- Chirp - Non invasive sensors for elderly care
