If one is interested to understand the degree to which a country’s demographics shape its economy, we ought to look no further than a country called Japan.
More than 20% of Japan’s population is now over 65 years of age. This fact has implications for Japan’s economic outlook. An ageing population means less demand since older people don’t buy homes, cars, and other products meant for younger people. And we can say with a reasonable degree of estimation that a bulk of the world’s products and services cater to younger demographics. The younger workforce shoulders the burden of taxes to fund government expenses including pensions and retirement benefits.
India, on the other hand, stands at the doors of harnessing the might of history’s largest workforce, a demographic dividend unlike anything ever seen before in recorded human history. With over 600 million individuals straddled between the ages of 15 and 60, the implementation of state-specific policies focused on education, skill development and preventive healthcare ought to see more light of the day. A proactive approach would help India to ensure that its senior citizens continue to live in an environment that helps them not just survive, but thrive. Experience is a valuable teacher.
Today, at Bangalore Insider, we spoke to the founder of Anvayaa, who is at the forefront of organizing India’s senior care market. Below are the excerpts from our interaction.
Give a brief info about your start-up?
Anvayaa is India’s only 360-degree, technology-enabled personalized senior care platform that offers a one-stop solution for all elder care needs… be it providing assistance for healthcare, medical emergencies, socialization requirements, daily-needs and payment management in addition to any other services that the elderly might require at their homes.. To enable us to meet our objectives, we have a tie-up with over 150 partners covering a range of services that include Home healthcare, hospitality, pharmacy, diagnostics, home maintenance providers , libraries, grocery, surveillance and security, lawyers and more. Anvayaa allocates dedicated Care Managers to every elderly family who personally monitor the fulfillment of their needs. These Care Managers not only schedule doctor appointments & accompany the elders on their visits but also attend to medical emergencies. In addition, they accompany the elderly while shopping, dinner, movies, entertainment, helping them shifting, finding a handyman to cater to mundane repairs, help with property & financial management including bill payments, medical claim reimbursements, online banking and more. As an organization, Anvayaa strives towards creating trust and offering care to the elderly by being “a part” of their families while the kids live “apart” from elders. The salient aspect of the Anvayaa Care Managers and Service Providers is that they have Verified Backgrounds and are registered with the Police ’Hawk-eye’ (In Telangana). The unique Anvayaa mobile app also empowers members to scan a QR code and verify the details of our care managers for improved security. Cutting-edge Technology powers our day-to-day operations and provides our users with a web and mobile interface to get real time alerts on every service delivered. Our Care Managers also have dedicated mobile applications to manage tasks, handle medical emergencies and provide individual-specific care.
What made you start your start-up and what problem does it solve?
Having moved back to Hyderabad, India from the United States to take care of my elderly parents I realized that a lot of my friends and cousins from the US reached out to me to help their parents. Though I politely obliged, later realized that there has to be a better way to look into such needs of parents those who live independently. One can fall back on friends and relatives in times of emergencies but will soon realize it is not always possible to seek their help for different reasons. One can’t expect them to attend to every small need. As our ambitions and aspirations are high today, which is why we as a country and families are living a lot more comfortable and busy lives. One must not forget their very purpose of existence, which is their parents who sacrificed and at majority of times went beyond their abilities to ensure you are where you are today. It is time to take this opportunity that did not exist earlier, and provide parents the care, comfort and convenience.
Thus, Anvayaa – which is a Sanskrit word that translates into “Family”, came to existence in early 2016. Anvayaa is India’s only 360 degree technology enabled personalized senior care platform that offers a one-stop solution for all elderly needs.
Tell us about yourself, your previous jobs/ventures? What were you doing before this startup?
I have Over 26 years of experience. I had worked with Tata Consultancy Services in multiple leadership roles across USA, Europe, Africa and India. I was the CEO of APOnline, a JV between Govt. of AP and TCS. Entrepreneur since 12 years. And I am a Computer Science Engineer and Alumni of UCLA – Anderson School of Management
Where is your start-up based out of? Why do you think that is the best place for you?
Operational in Hyderabad, Bangalore and Chennai, with head office in Hyderabad that is where we started in Sep 2016. I choose Hyderabad since we know that a lot of folks live away from their parents in a different part of the country.
As a start-up founder, what are you paranoid about? What keeps you awake at night?
– In direct competition from partners: Continuous focus on innovation and new market strategies. – – increased customer acceptance and customer experience
– Not meeting planned customer acquisitions
– How can I expand rapidly to other cities and make sure to start building traction quickly in new market places.
Who are your competitors and how are you better than them?
Our competitors are Elderaid Bangalore based, and other premium old age homes. We also have indirect competitors from our partners from the Home Health Care Sector such as Portea, Nightingales and more. We are better because of the below reasons.
First one in India to be the 360 degree senior care platform.
Our Business model makes us unique & Innovative. We follow the People – Partners Technology process. Through this platform we deliver high touch personalized services to elders that can provide a sense of empowerment & dignity.
Our Partner ecosystem on our platform and we also generate referral revenues from them.
Our technology Platform and the optimal use of technology
Transparency of service delivery IoT and AI integration towards transitioning from being a reactive care provider to proactive care provider.
How hard is it to have a work-life balance as a start-up founder and how do you manage it?
– My team is the biggest strength. I ensure I keep the team sprit high and rolling and lead from the front be available for them always to guide them as needed in achieving the mission of the company.
Have you raised funding? If yes, then we would like to know the details. If no then please tell us if you are looking to raise.
Family and Friends
Tell us about your team and how did you meet each other?
I met another co-founder apart from my wife and me, through a common friend. He has returned from Australia after his MBA and earlier worked with Deloitte. I spent a few hours with him and explained the overall concept and what I was trying to achieve. Met again after a couple of days and he did give up another employment opportunity to join Anvayaa as it was emotionally connecting to him.
Prashanth Reddy 🡪 Founder and Managing Director. Over 26 years of experience. He has worked with Tata Consultancy Services in multiple leadership roles across USA, Europe, Africa and India. He was the CEO of APOnline, a JV between Govt. of AP and TCS. Entrepreneur since 12 years. He a Computer Science Engineer and Alumni of UCLA – Anderson School of Management.
Deepika Reddy 🡪 Director. B.E, MBA, CFA from ICFAI. She has worked in the Financial and Insurance Industry for more than 15 years and was heading health and general insurance underwriting roles for Telangana and Andhrapradesh. She currently manages the Financial Aspects and is involved in Strategy.
Prashanth Patkar🡪 Head of Operations. MBA from Australia and has worked as a Team lead at Deloitte prior to joining Anvayaa for over 5 years. He heads the Operations of Anvayaa and plays a key role in New customer acquisition and managing day to day operations