Social enterprise, ElderAid Wellness Secures Angel Funding from Hong Kong-based Investor
Bengaluru: ElderAid Wellness Pvt. Ltd. is a unique end-to-end, ‘proxy child’ service set up by Dr. Vandana Nadig Nair and Santosh Abraham in 2015 to serve elders in Bangalore. The company provides a range of at-home services including caretaker support, emergency assistance, accompanying the elder to the hospital, social events, supporting volunteering interests and hobbies, bill payments, property management, Doctor home visits, and so on.
ElderAid has secured an undisclosed sum as angel investment from Mrs. Rugmini Menon, a Hong Kong-based entrepreneur, to bolster its operations in Bangalore. This investment will enable augmentation of operations, investment in critical customer management technology, marketing and brand building efforts.
ElderAid addresses a critical need by focusing on seniors and their needs. It is projected that the proportion of Indians aged 60 and older will rise from 7.5% in 2010 to 11.1% in 2025. In 2010, India had more than 91.6 million elderly and the number of elderly in India is projected to reach 158.7 million in 2025.
Nuclear families are on the rise with several elders living alone and their children living in another town / country; advances in medical science are leading to increased longevity; elder-friendly physical infrastructure is inadequate. On the other hand, elders would love to have richer social lives, pursue hobbies, careers, interests such as travel and lead fuller lives while having the solace and comfort of a go-to service provider such as ElderAid.
Dr. Vandana Nadig Nair, Co-Founder – ElderAid said, “ElderAid Wellness was founded in response to a growing need within my own extended family. I saw my aunts and uncles in Bangalore with children in other cities / countries, who needed help and support; children who visited as frequently as once a month to tend to their parents; and worry on all sides. It is our dream to be the ‘proxy child’ and support seniors in fulfilling all their needs and aspirations. Our vision is to help elders live happy, healthy and secure lives.”
Santosh Abraham, Co-Founder – ElderAid, speaking of the organization’s growth and future plans said, “Elder support is an evolving space which will come into its own in the next 3 – 5 years. Our current focus is to stabilize and grow operations in Bangalore before we set up in other cities across India.”
Speaking about the investment, Mrs. Rugmini Menon said, “Often, even if one lives in the same city as their elders, the realities of our day to day lives don’t allow us to be there for our elders. ElderAid helps bridge this gap. Their professional, from-the-heart support to their clients ensures peace of mind for all concerned. This is a space I am deeply committed to and look forward to seeing ElderAid grow from strength to strength.”