In a recent post on X, Nikhil Kamath, the billionaire co-founder of online stock brokerage platform Zerodha, had said that India could become “a really attractive retirement migration destination over the next decade”, riding on the back of Indian hospitality, history, culture and landscape. “Eldercare could be the next entrepreneurship opp?” he had noted.
Indeed, the opportunity is immense—just check out the numbers. Globally, there were 1.1 billion persons aged 60 years or above in 2022, comprising 13.9% of the total population of 7.9 billion, as per the India Ageing Report 2023 released by the International Institute for Population Sciences (IIPS) and United Nations Population Fund (UNFPA) last year. Over the next three decades, the number of older persons worldwide is expected to double to 2.1 billion by 2050, with the share rising to 22% of the total population.
This increase in the number and share of older persons will be visible across all regions of the world, and India is no exception. As per the IIPS-UNFPA report, there were 149 million persons aged 60 years and above in 2022 (as on July 1), comprising around 10.5% of the country’s population. By 2050, the share of older persons will double to 20.8%, with the absolute number at 347 million.
“The global population is growing as well as ageing. The age structure of the population is changing owing to demographic transition with increasing levels of life expectancy and decreasing levels of fertility in almost all countries, leading to an increase in both the share and number of older persons across the world,” the report notes.
As such, the market for age-tech, or gerontechnology—digital platforms and products that strive to meet the specific needs of the elderly population—has also risen over the years, with many companies in the sector attracting increased investor interest.
In March, KITES Senior Care, a provider of ‘out-of-hospital’ geriatric care services, completed its Series A funding round, securing an investment of Rs 45 crore from Ranjan Pai’s Manipal Education and Medical Group (MEMG) Family Office Fund. The total plan outlay for this expansion and growth is Rs 65 crore.
Similarly, in October, eldercare startup Primus Senior Living raised $20 million in a seed funding round led by General Catalyst, with participation from Zerodha cofounder Nikhil Kamath and Gruhas, the investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group.
The market is buzzing with activity. As per data sourced from Tracxn, a global startup data platform, there are about 135 age-tech startups in India as of November, raising as much as $51.4 million in funding from investors and counting.
Age is not just a number
Growing up, while Adarsh Narahari’s parents were working hard to build their future, his Ajji and Thatha (grandparents) raised him with love and wisdom that shaped who he is today, he claims. “My grandmother had nine siblings. She would often talk about them, who cherished their lives in India but were encouraged by their children to move abroad to experience a high-quality retirement lifestyle. While they didn’t want to leave their homeland, it sparked an idea in my grandmother—why not create something just as wonderful here in India?” says Narahari.
That moment planted the seed for what would eventually become Primus Senior Living. “With her blessings, I set out to build a place where elders in India could live independently yet connected, surrounded by care, community, and dignity,” adds founder and MD Narahari, an alumnus of the University of Leeds, England.
Primus Senior Living offers premium, lifestyle-focused communities for seniors, prioritising active ageing, wellness, and purpose-driven living over traditional elder care models. “We are providing end-to-end services to the elders in the Primus communities and expanding the same beyond Primus as well. We typically provide services around health, nutrition, engagement, concierge, housekeeping and common area maintenance,” says Narahari.
Currently, Primus has projects in Bengaluru and Chennai, and will soon launch in Kolkata, Mumbai, Pune and Hyderabad.
Similarly, for Saumyajit Roy, the co-founder and CEO of Emoha, the inspiration for his eldercare startup came from a “very personal place”. “While my graduation in urban planning from SPA (School of Planning and Architecture) in Delhi helped me appreciate cities and the built environment, my early years in geospatial technology solutions provided a foundation for applying technology to complex issues. But it was my 15 years in the senior care industry—building the ‘Senior Living’ practice at Jones Lang LaSalle and co-founding Antara (Max India group)—that made me realise how deeply I am drawn to the eldercare space,” explains Roy.
“As I was deeply involved in the eldercare sector, my mother, a school principal, was diagnosed with Alzheimer’s disease. Experiencing this firsthand made me realise just how challenging and fragmented the eldercare system is for caregivers like me, fuelling a desire to transform the space and create compassionate, comprehensive care solutions that enhance the quality of life for seniors and support their families,” adds Roy.
Emoha, part of Age Care Labs, offers subscription-based care plans across India, providing families with personalised, high-quality care for their loved ones. “With our hyper-local approach, accessing these services is as easy as a single click, bringing tailored support directly to each neighbourhood,” adds Roy.
Emoha has raised over $15 million in funding from prominent investors such as Ajay Srinivasan, Rainmatter, Gruhas, and the NIIT founding family. Emoha’s reach now extends to over 120 cities, where it’s making a difference in the lives of over 100,000 seniors.
Challenges & changes
Senior citizens in India face multiple interconnected challenges in today’s rapidly evolving digital world. These include issues with digital literacy, fear of financial fraud, social isolation, and limited access to healthcare and support services. Many seniors struggle with loneliness and feel excluded from the digital revolution, while others face challenges in maintaining their physical and cognitive health.
“The way forward lies in creating inclusive, technology-driven solutions that address these challenges holistically,” says Hemanshu Jain, founder and CEO of Khyaal, an app for senior citizens in India.
“The future requires continued innovation in creating user-friendly interfaces, robust security measures, and engaging content that resonates with seniors’ needs. By leveraging technology thoughtfully, we can empower seniors to lead more independent, fulfilling lives while staying connected with their families and communities,” adds Jain, whose journey in entrepreneurship has been driven by a passion for solving real-world problems through technology.
Prior to founding Khyaal, Jain co-founded Diabeto, a health-tech startup that was later acquired by Livongo Health, where he served as vice president of India operations. “I’m also an active angel investor with investments in notable ventures like Pepper Content, NexStem AI, and Onsurity Health,” he adds.
Like Emoha and Primus, the idea for Khyaal, too, originated from the founder’s experience. “I used to travel extensively for work, and my father would often call me for basic tasks like OTT renewals, unaware of the time differences. Meeting his requests on time was challenging, which highlighted his dependence on me for simple tasks. Through my travels and interactions, I realised this was a widespread issue affecting many families. This inspired me to delve deeper into the challenges faced by seniors, leading to the creation of Khyaal. When I shared this vision with Pritish Nelleri, our co-founder and COO, it resonated deeply with him as well. We both saw the potential positive impact on seniors, including our own parents,” he explains.
Khyaal has secured significant investor backing, recently raising a seed round of $4.2 million, co-led by 62Ventures, SVQuad, and Inventus Capital. Notable entrepreneurs including Glen Tullman, Kanwal Rekhi, Raju Reddy, and Raj-Ann Gill also participated in the funding rounds. To date, it has raised a total of $5.4 million, adds Jain.
Khyaal’s business model is built on three key pillars—community, a smart payment card, and commerce. Through its innovative freemium approach, seniors can join the Khyaal app at no cost, becoming part of a community where they gain access to engaging live workshops focused on physical, emotional, financial, and cognitive health. This foundation of community and content naturally drives engagement and creates multiple revenue streams.
Khyaal’s primary revenue channels include premium annual club memberships starting at Rs 999, which offer enhanced features and exclusive benefits. “Additionally, we’ve introduced the Khyaal Card—a Visa-powered smart payment card for seniors—providing secure financial independence while generating transaction-based revenue. Each transaction earns ‘Khyaal coins’, which members can redeem within our ecosystem,” says Jain.
The platform has over 2 million registered senior citizens primarily from tier 1 and 2 cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad and Ahmedabad.
Bindaas 60+
There is a set narrative in society about the 60+ population that suggests they only have healthcare needs. However, GenS, a holistic tech platform tailored for the actively-aging 60+ population, aims to shatter stereotypes and turn the spotlight back on the vibrant, dynamic, and diverse silver generation across crucial aspects such as finance, health, fitness, technology, leisure and more.
A recent study undertaken by GenS in association with YouGov, a global public opinion and data company headquartered in London, UK, reveals some surprising trends that defy common perceptions about life after 60 years.
For instance, 61% of the senior citizens in the survey say they embrace digital payments and one out of four (24%) prioritise saving up for their next vacation after retirement and emergency fund. Despite rising ageism, the 60+ population continues to play an active role in the workforce, with 43% currently employed, and 27% working full-time. Up to 62% say they work out weekly, of which 23% say they work out every day. While 41% say they use websites or apps for booking travel, 50% prefer staying in 3-4 star hotels. Also, 40% show intent to buy new cars and 13% are open to online dating.
The idea for GenS came to its founder Meenakshi Menon when she noticed how society’s perception of her changed as she turned 60. “This realisation motivated me to create a platform that celebrates the resilience and vitality of seniors. We are on a mission to flip society’s traditional script on life after 60 and offer a fresh narrative of vibrance, vitality, elegance, and passion. The minds behind the idea of GenS belong to this generation and we deeply understand the diverse needs and desires of the dynamic 60+,” says Menon, who is a graduate in sociology and geography from Elphinstone College, Mumbai, with a postgraduate diploma in advertising & marketing from the KC college School of Management, and has over four decades of experience in advertising, marketing, and media consulting.
While the GenS app is free to discover and content is accessible to everyone, users must subscribe to engage as well as participate in community discussions and interactions. “This approach incentivises them to become active members of the platform, fostering a sense of belonging and shared experiences. The ‘silver’ subscription is available at Rs 990 per annum. We have intentionally priced it very low. We want to be inclusive and accessible. No member of the community should stay away because they can’t afford it,” explains Menon.
However, there is a product that has more benefits for those who are more discerning and that is their ‘gold’ plan. “At Rs 4,900 per annum, in addition to the silver benefits, we are offering a host of insurance and health monitoring products for the vibrant 60+,” says Menon.
According to Menon, one of the key challenges faced by the 60+ population stems from the well-meaning but overprotective actions of their adult children, which can unintentionally limit their independence and happiness. Also, they often encounter age restrictions in the job market and societal pressures that discourage them from pursuing passions like dancing, singing, and other activities.
“We are here to tackle these issues by empowering them to confidently lead full and independent lives,” adds Menon.
