Seniority, which is claimed to be one of the largest online shopping portal exclusively for senior citizens, is planning to launch private label designed products by this year. According to Seniority, co-founder Ayush Agrawal, an RPG group company, has nearly 5,000 products from medical to lifestyle which makes senior citizens’ everyday life easier. Besides, the company is in talks with banks, insurance companies and healthcare companies for strategic tie-ups for providing senior care and is eyeing big in untapped market for senior citizens.
“In the next five years, we aim to be leaders in the senior lifestyle industry. As a senior care brand, we recognise that we can’t just sell products: We have to become an inseparable part of the lives of our target group. We have taken great strides in building a loyal and engaged community in Pune, and are expanding the model across India. In the next three years, as we approach break-even, we are also gearing up to have a full range of private-labeled innovative products through our own R&D to make the lives of seniors easier,” Ayush Agrawal, co-founder of Seniority.in, told FE.
Seniority has received a total funding of $5 million since three years of operation and has an annualized revenue run-rate of over Rs 50 crore. “Having phenomenal growth in the past two years where we have maintained a month-on-month growth rate of 25%, we now recognise that continuing the same might not be feasible beyond a certain size and scale. However, we will keep up our progressive curve and look to achieve 10-15% month-on-month growth rates this year,” he said, adding that RPG Ventures is in talks with private equity players to raise the next round of funding.
“As far as our own products are concerned, we will not be looking at listing them on any other e-commerce website. However, we are open to strategic tie-ups which will help us create an ecosystem in the long run and provide the best possible experience to the end consumer. We are currently in talks with banks, insurance companies and several brands in the healthcare industry. Being the go-to consumer brand for seniors, we see a lot of scope for partnerships with horizontal players who may or may not be in the e-commerce space but want to service our target group,” he said.
From online presence, the two-year old has transitioned to offline as well with experience zones in Pune and Coimbatore to meet the touch and feel need of senior citizens. The company services 19,000 pin codes across India. Currently, it services 1,300 orders per day and has over 2.4 lakh customers across India.
According to Ayush Agrawal, seniors are the fastest growing demographic in India. “India will go from being characterised as a country with moderate child dependency at present to one with a high old-age dependency by mid-century. Senior citizens’ presence across various digital platforms has increased. Many live alone and therefore, the need for daily living aids and other lifestyle support products are essential. While there are adjacent businesses that target services and living experiences, a comprehensive segment remains untapped and has great potential,” he adds.
The company opened its first store in Pune with an expansive experience zone spread over 2,000 sq ft. Recently, Seniority launched their first store in south India at Coimbatore in association with CovaiCare.