Elderly care industry eyes emerging companionship market
In India, elderly companionship services face hurdles in building a dependable market, primarily due to the stigma linked to purchasing social connections. Numerous programs have emerged to facilitate interactions among seniors through conversatio...
The near-$7b elderly care industry is looking to tap into the emerging segment.
Mumbai: For Rs 2,500-4,000, an elderly person living alone can hire someone to share a cup of tea, listen to their stories or accompany them on a walk. An hour of company, for a price. The harder part is making the numbers work.
For Santosh Abraham, co-founder of ElderAid Wellness, that is the challenge. Its Care Friend service sends companions to seniors for conversations, outings, movies and hobby classes. Yet, it contributes just 5-10% of the organisation's revenue and is offered largely on demand. "A business built only on companionship is tough to scale up," says Abraham. Elders often think twice before paying out of pocket for emotional well-being, even when the need is evident. That is the contradiction confronting India's emerging companionship businesses.
As families get more dispersed and the elderly try to live by themselves, entrepreneurs see an opportunity in offering what relatives once offered informally: time, conversation and company. But turning connection into a recurring expense is proving difficult.
'Stigma around Paying'
India's population aged 60 and above is projected to reach 347 million by 2050, according to the United Nations Population Fund (UNFPA). The wider senior-care industry has been estimated at around $7 billion, spanning healthcare, assisted living and other services. There is, however, no reliable public estimate of the standalone paid-companionship market in India.
Vibha Singhal explored the subscription model with Sukoon Unlimited, which offered one-to-one conversations with empathetic companions called Sukoon Sarathis. Retired teachers, counsellors and homemakers engaged seniors through a subscription priced at ₹1,000 a month for unlimited conversations. The business eventually shut down after struggling to monetise the service.
Singhal found that families tended to prioritise medical care over emotional well-being. Paying someone to address loneliness was not yet an established household expense, even when families recognised the problem. There is, she says, a stigma around paying for loneliness.
Her subsequent venture, Marzi, took a different approach. Instead of selling conversations, it brings seniors together for activities and outings, with no subscription. Events cost Rs 400-2,000. Its typical participant is aged 58-65, younger than Sukoon's largely 70-plus audience.
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"We made a purpose for them to live," Singhal says.
The shift is telling. An outing or a new social circle can be sold as a lifestyle choice; a service framed around loneliness risks making the customer feel vulnerable. For seniors determined to remain independent, the appeal may lie in doing more with life rather than buying help because something is missing.
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Other platforms are building on that insight. Silver Talkies, co-founded by Nidhi Chawla, combines online workshops with in-person gatherings and day trips for adults aged 55 and above. Membership costs Rs 2,250 for six months. Retention is encouraging once members become engaged, Chawla says, but customer acquisition remains difficult. Social and emotional well-being is still seen as a want rather than a need.
Khyaal, founded by Hemanshu Jain, has broadened the proposition into a virtual club offering yoga, meditation, digital literacy, healthcare sessions and musical events for around Rs 1,000 a year. It also organises physical gatherings. The platform ran free for its first two years before raising venture capital in 2022.
