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Nestcare Techserv Pvt Ltd

Enable every Senior Citizens of India to live a Hassle free

India, West Bengal
Market: Services
Stage of the project: Prototype or product is ready

Date of last change: 05.02.2021
Min amount of loan
$  50.000
Estimated yield
8 % a year
Total required
$ 150.000
Rating
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Idea

India's senior citizen population is growing @170% and it will reach 34 Cr by 2050 which will be more than the population of the USA. This segment of population needs all the services like- Medicine, Healthcare, Mobility and other services like Spirituality, Tours & Travels etc at their door step. We provide almost every services at their door step with the help of technology and manual intervention. Services are unique and innovative in nature and these people will live their rest of the life happily and positively.

Current Status

Prototype ready and scheduled pilot launch in Feb'21.

Market

Our customers are the senior citizens of India and find some statistics....
According to a 2016 report by the ministry for statistics and programme implementation, India has 103.9 million elderly, people above age 60, about 8.5 % of the population.
As per the National Council on Aging, about 92 percent of seniors have at least one chronic disease and 77 percent have at least two. Heart disease, stroke, cancer, and diabetes are among the most common and costly chronic health conditions causing two-thirds of deaths each year. Also let us look into the senior citizens data for Westbengal-
West Bengal is no exception to the dynamics of population ageing in the country. There are 74,90,514 persons (51.4% males and 48.6% females) above 60 years of age with 68 per cent residing in rural areas and 32 per cent residing in the urban locales. Around 33 per cent of the total elderly population is below poverty line (BPL). The decadal growth rate of 60+ populations in West Bengal, projected by the Technical Group of Population Projections, National Commission on Populations, indicates that over the next few years, the state will undergo a huge demographic shift and while the total population is projected to rise by 26 per cent in the year 2026 as compared to the base year of 2001, population of 60+ age groups will rise by 170 per cent over the same period (Central Statistics Office 2011).

Problem or Opportunity

We are addressing the below issues or problems of the elderly people.
1. According to a 2016 report by the ministry for statistics and programme implementation, India has 103.9 million elderly, people above age 60, about 8.5 per cent of the population.
2. United Nations Population Fund and HelpAge India suggests that the number of elderly persons is expected to grow to 173 million by 2026. Projected growth rate will be – the 2019 Revision, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%).
3. According to some studies, India is ageing much faster than previously thought and may have nearly 20 per cent population of 60 years and above by 2050. The government recently stated in Parliament that India will have 34 Crore people above 60 years of age by 2050 that would be more than the total population of the US.
4. Elderly population in Kolkata is the highest (17.8L) in the country @11.97% of total population (1.49 Cr) followed by Chennai (9.9%), Mumbai (8.9%), Delhi (7.8%), Bangalore (7.7%).
5. According to the last census,[7] around 15 million elderly live all alone and three-fourth of them are women
6. According to the National Council on Aging, about 92 percent of seniors have at least one chronic disease and 77 percent have at least two (Stroke/ Cancer/ Diabetes etc- major being Knee/ Joint Pain-52% followed by Diabetes-22%)
7. The main problems which old people face are lack of economic privations, health problems, lack of emotional support and idleness after retirement.
8. Elderly People staying alone – 6%, and staying with spouse only- 37% so 43% of total elderly population need Door Step services (Ref- The International Journal of Indian Psychology, ISSN 2348-5396).
We are addressing the above problems faced by Elderly people for their Livelihood by providing them a range of services available under the platform – “MAITY’S “

Competitors

Major competitors in this industry are – TriBeCa, Portea Medical, Seniority are the major players.
TriBeCa is majorly focusing into – Healthcare and Old Age Homes, Emergency medical services etc; They are based out at Kolkata and providing services to a limited geography such as – Kolkata, Howrah, Kalyani & Bhubaneswar.
Portea Medical is focusing on home based medical services for senior citizens since 2013.
Seniority- An Online portal (e commerce) dedicated to senior citizens having a variety of approximately 1400 items. Also they have Online Community for interactive and informative activities for senior citizens.
We bring all the major services like- Medical & Healthcare, House Hold, Spirituality, Community Zone, emergency Services, Chip Based Health Report Card, Guided & Customized Tours and Travels and Products for Seniors ( e Commerce –www.maitys.in) under a single platform.
Our Services can be accessed with the help of MAITYS App and also Help Line nos will be there to support who are not tech savvy.

Advantages or differentiators

Some Uniqueness-
1. There is no such organization who are providing these range of services under the same umbrella.
2. Services are available both on APP and Help Line platform.
3. Users may opt for Micro Community where they can spend their entire days and engage themselves with varieties of activities like- Indoor Games, Spirituality, Yoga etc
4. Medical Support like – 24 *7 CAB, Doctor On call and other emergency services will be there.
5. Medical History –“MAITYS HEALTH CARD” will be a tool for their Health Summary.

Finance

West Bengal is no exception to the dynamics of population ageing in the country. There are 74,90,514 persons (51.4% males and 48.6% females) above 60 years of age with 68 per cent residing in rural areas and 32 per cent residing in the urban locales. The decadal growth rate of 60+ populations in West Bengal, projected by the Technical Group of Population Projections, National Commission on Populations, indicates that over the next few years, the state will undergo a huge demographic shift and while the total population is projected to rise by 26 per cent in the year 2026 as compared to the base year of 2001, population of 60+ age groups will rise by 170 per cent over the same period (Central Statistics Office 2011). So if we consider the Urban population (32%) will be availing our services, the target population will be around 24L and out of this 41% are staying either alone or with their spouse. Our immediate Revenue Generator will be (24*41%) - 9.84L Senior Citizens. Considering Rs 6000/-month expense per person total Projected Rev- 590Cr and our service charge if kept even at 1% , our tentative revenue generation will be Approximately Rs 6 Cr per month. Also it will be having 170% growth in next 5 yrs as projected in population growth which indicates that in West Bengal there will be a tentative revenue of Rs -10.2 Cr.

Loan terms

60 months

Interest rate, %

7.5

Business model

Digital Platform- Both Service Receiver and Service provider will register. Apart from that there will be helpline / Customer care executives to provide support to all the incoming calls of service receivers. Our field executives are getting the data base for both the segments and are getting uploaded in our data base.

Solution (product or service)

Considering the data of Senior people in India, there is a need of the below services which need to be readily available for them at their door step only. We are providing these services to their door step only by unifying the entire process with the help of Technology and Manual intervention.
The required services are mentioned as per their priority level-
1. Medicine & Health Care;
2. House Hold;
3. Transportation;
4. Personal Care;
5. Mobility;
6. Tours & Travels,
7. Entertainment;
8. Nutrition,
9. Spiritual
10. Pursuing Hobbies
11. Community Centre etc..

Team or Management

Risks

We identified below risks-
1. Settlement while cash carried by the service provider.
2. Senior Citizens are not so tech savvy, so online payment / advance payment will be a problem.
3. There could be possibility of non payment in case any dissatisfaction of services happen.

Incubation/Acceleration programs accomplishment

We are incubated at GLF Business School, Kolkata, West Bengal.
Prof Abhijit Banerjee Director of GLF Business School is our Mentor.

Won the competition and other awards

Not yet as we only incorporated in the month of December'20.

Photos

Photo 1 - Enable every Senior Citizens of India to live a Hassle free

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Competitors
Advantages or differentiators
Finance
Financed earlier, $
Loan terms
Interest rate, %
Type of pledge
Pledge and assets
Business model
Solution (product or service)
Team or Management
Lead creditor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video