Elder care platforms bullish on growth as silver economy booms

The silver economy is booming and elder care platforms are riding the wave of growth as an increasing proportion of Indians are living away from ageing parents and in-laws. Companies such as Samarth Elder Care, Emoha Eldercare and Yodda Elder Care are seeing a surge in demand from both individuals looking for services for family elders and from corporates seeking partnerships.

The number of people aged 60 and above in India is projected to increase sharply to 347 million in 2050 from 149 million in 2022, according to research from the United Nations Population Fund.

There is a rapidly increasing demand for organised elder care in the country, particularly as more professionals find themselves part of the ‘sandwich generation’, balancing childcare with responsibilities towards the elderly. Elder care platforms fill in a critical vacuum as they provide services such as health monitoring, home and emergency care as well as emotional support.

Yodda Elder Care is doubling its revenue every year, amid increasing demand from not just carers but also senior citizens themselves.

“There are 400 cities that offer potential, and the market is huge. As of now, we will continue to focus on the home care market itself, though we see a possibility of owning some active or assisted living facilities in future,” said Tarun Sharma, founder and CEO, Yodda Elder Care.

Emoha Eldercare has seen twofold year-on-year growth and is building hyperlocal care ecosystems to enable faster response times, stronger community connections and better quality of care.

“Caregiving stress can significantly contribute to absenteeism and burnout, especially among mid-level employees aged 30-50. Over the years, we have not only saved nearly 1,000 lives through timely emergency interventions but also brought joy and connection back into the lives of thousands of elders who were otherwise living in isolation, having organised more than 5,000 online and offline sessions especially curated for elders,” said Saumyajit Roy, CEO, Emoha Eldercare.

Corporate interest
Companies including Wipro, American Express, Sanofi, Novartis and Alvarez & Marsal India have launched programmes to help employees manage caregiving responsibilities, said industry sources. These programmes offer health coordination, emergency support, online engagement tools, doctor-on-call, personalised home care and even emotional companionship and community engagement events.

Samarth Elder Care has seen an almost threefold increase in enquiries for corporate partnerships compared to last year.

“Companies are reaching out for structured eldercare support programmes as part of their employee assistance offerings, including preventive health plans for parents, emergency response coordination, regular check-ins and even help navigating hospitalisation or homecare,” Asheesh Gupta, co-founder at Samarth Elder Care, told ET.

The platform has partnered with organisations such as Wipro, Aditya Birla Group companies, Alvarez & Marsal, Kyndryl and several major banks. It also works with overseas companies which have a significant number of employees of Indian origin.

Emoha Eldercare is seeing a sharp increase in demand from corporates, particularly in sectors such as IT, fast-moving consumer goods and pharmaceuticals.

Samarth Elder Care’s strongest markets include Delhi-National Capital Region, Mumbai, Bengaluru, Hyderabad and Kolkata, but it has also seen significant traction in smaller cities such as Dehradun, Coimbatore, Jaipur, Lucknow and Bhubaneswar.

Yodda Elder Care, which operates in eight cities, expects to launch services in five more this year.

Like Samarth Elder Care, Emoha Eldercare is also seeing traction from tier-2 and tier-3 cities such as Guwahati and Kochi.

Companies, too, are increasingly acknowledging the challenges that employees may face in balancing professional roles with elder care responsibilities.

Alvarez & Marsal (A&M) India partnered with Samarth last year to introduce elder care solutions comprising more than 35 services, including advanced nursing, physiotherapy, teleconsultations, and emergency coordination.

“The programme also provides practical assistance such as household management, travel arrangements, legal support and assistance with wills and registration, available throughout India. The initiative has seen strong engagement among employees,” said Nimisha Rana Pathak, chief human resources officer at Alvarez & Marsal (A&M) India.

Employee interest in such benefits has grown steadily, with gradual increase in uptake in parental insurance, in-home medical support and diagnostic services, said Nimitha Menon, health risk management consulting leader, Mercer Marsh Benefits India.

“Looking ahead, many companies are aiming to further strengthen eldercare offerings – exploring mental health services for seniors and integrating these benefits more deeply into their overall well-being strategy," she said.