GoodFellows, A Companionship Startup By Shantanu Naiduwins

GoodFellows, a companionship startup by Shantanu Naiduwins Ratan Tata’s investment

Industry leader Ratan Tata on Tuesday (16 August) announced an undisclosed investment in startup Goodfellows that offers companionship to senior citizens as a service. The latest investment by Tata has been announced in Goodfellows, a start-up founded by Shantanu Naidu. Goodfellows has completed its beta phase in Pune in the last six months. The company intends to expand its operations in Mumbai, Chennai, and Bengaluru.

Ratan Tata

Indian industrialist

Born: 28 December 1937 (age 84 years), Mumbai
Successor: Cyrus Mistry (2012 -2016); Natarajan Chandrasekaran (2017–present)
Education: Harvard Business School (1975), MORE
Awards: CNN-IBN Indian of the Year in Business, Padma Vibhushan, Padma Bhushan
Parents: Naval Tata, Sooni Tata
Siblings: Noel Tata

At the launch event, Ratan Tata said, “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 helps the young team at Goodfellows grow.”

Shantanu Naidu, an MBA from Cornell University, founded Goodfellows Startup. The 28-year-old is the General Manager in Tata’s office and is the fifth generation in his family to work for the Tata Group. Startup hires young graduates, ‘Goodfellows’, who help in assisting the senior citizens and provide companionship, “like a grandson”.

Information about how much Ratan Tata has invested in Goodfellows has not been shared. However, on the occasion of the launch, he congratulated Shantanu for his move. This startup will make the youth the support of the elderly. To overcome their loneliness, these youngsters would play carrom with the elders, read newspapers for themand help them to relax. Tata said that he would be very happy to see this startup grow.

The startup hires young graduates with the right skills of empathy and emotional intelligence to ‘work’ as companions to clients, and make the day easier for them with any task or effective conversation. Typically, a partner visits the customer three times a week, spending up to four hours per visit. After one month of free service, the company charges INR 5,000 as a base subscription fee for one month.

Here is a list of 10 such start-ups in which Ratan Tata has invested:

1. Ola Electric – Ratan Tata funded Ola Electricin 2019 as part of its Series A round of funding for an undisclosed amount.
2. Paytm – Ratan Tata made an investment in Paytm by raising funding in March 2015 for One97 Communications.
3. Snapdeal – is the first e-commerce firm that Ratan Tata invested in.
4. CarDekho – Ratan Tata invested an undisclosed amount in GirnarSoft.
5. fit – is a health and fitness start-up that has raised $170 million from Kalaari Capital, Accel Partners, Chiratae Ventures, and Ratan Tata.
6. UrbanLadder – The online furniture retailer secured funding from Ratan Tata in November 2015.
7. Zivame – raised funding from Ratan Tata in September 2015.
8. Urban Company – in December 2015, services marketplace Urban (known as UrbanClap) raised an undisclosed amount in funding from Ratan Tata.
9. Abra – Ratan Tata has also made an investment in Abra with American Express.
10. Lenskart – secured funding from Tata in April 2016

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GoodFellows, a companionship startup by Shantanu Naiduwins Ratan Tata’s investment