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While the whole world is rushing to make products and cater services to the Millenials, some startups are catering to elder care in India. Among the various Elder Care Startups in India, Anvayaa Kin Care is one among them. Anvayaa is founded by Mr. Prashanth Reddy and Mrs. Deepika Reddy in 2016.
Anvayaa aims at the empowerment of the elderly as envisaged by their loved ones, who, due to unavoidable circumstances, cannot be physically present with them over a while. The Organization aims to provide a reliable and trustworthy support system that is a 360-degree Technology Enabled Service which not only provides Medical Support but also acts as a Social and Emotional buttress that synergizes the Overall well-being of the senior and brings about a paradigm shift in their happiness quotient & zest for life.
Anvayaa Elder care also empowers its users with greater control over the nature, methodology, quality, and type of service provided to their loved ones. These include Emergency Care, Daily necessities, Health Improvement, Social engagements, Emotional bonding, and overall support.
Read this article to know more about Anvayaa Elder Care success story, Anvayaa Founder, Business Model, Funding, History etc.,
Anvayaa - Company Highlights
| Startup Name | Anvayaa |
|---|---|
| Headquarter | Hyderabad, India |
| Sector | Healthcare/Elder Care |
| Founders | Prashanth Reddy |
| Founded | 2016 |
| Revenue | INR 2.5 Crores (FY19) |
| Parent Organization | Anvayaa Kin Care Pvt ltd |
| Website | anvayaa.com |
Anvayaa - About and how it works
Anvayaa - USP, and Innovation
Anvayaa - Target Market Size
Anvayaa - Founders and Team
Anvayaa - How did it start?
Anvayaa - Name, Tagline, and Logo
Anvayaa - Startup Launch
Anvayaa - User Acquisition
Anvayaa - Business Model and Revenue Model
Anvayaa - Startup Challenges
Anvayaa - Funding and Investors
Anvayaa - Competitors
Anvayaa - Advisors and Mentors
Anvayaa - Growth
Anvayaa - Awards and Recognition
Anvayaa - Future Plans
Anvayaa - About and how it works
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 assisting with 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 achieve these objectives, the company has tied-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 monitors 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. Also, 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 idea is to create awareness regarding the firm’s existence and excel in the services provided to seniors for being able to generate continuous referrals, while the ultimate vision is to be known as the best company for Senior Care Services in India. The ultimate mission of the Company is to make India a Senior Friendly Nation in consonance with our Ancient Traditional values and as desired by the Ministry of Social Justice and Empowerment, Government of India.
Anvayaa - USP and Innovation
- Anvayaa Elder care is a first in India to be the 360-degree senior care platform.
- The Business model is unique & Innovative. Anvayaa follows the People-Partners-Technology process. Through the platform, it delivers high touch personalized services to elders that can provide a sense of empowerment & dignity.
- The technology platform ensures the optimal use of technology.
- Transparency of service delivery.
- IoT and AI integration towards transitioning from being a reactive care provider to a proactive care provider.
“We believe that we, by far, have the most innovative technology platform in the entire country in the eldercare space for efficient care and predictable service for senior citizens. Unique features such as the medical record management, Medical Emergency tracking system, auto reminders, E-wallet for managing bills/payments for parents are all currently available under our tech platform,” said Mr. Prashanth Reddy, Founder of Anvayaa.
The unique Anvayaa mobile app also empowers members to scan a QR code and verify the details of care managers for improved security. Cutting-edge Technology powers their day-to-day operations and provides the users with web and mobile interfaces to get real-time alerts on every service delivered. Care Managers also have dedicated mobile applications to manage tasks, handle medical emergencies and provide individual-specific care.
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Anvayaa - Target Market Size
India is projected to have 350+ Million Estimated Senior citizens by 2050. Out of which 0.9 Million will be this venture’s target senior Families. The number of families living in metros is estimated to grow to 2.5 Million by 2050.
The market for products and services for seniors is expected to increase from almost $320 billion in 2013 to $436.6 billion by 2018 globally, representing a five-year compound annual growth rate (CAGR) of 6.4 percent.
According to a market research report by BCC Research. The global research agency Persistence estimates that the global elder care services market will reach a market valuation of USD 1767 billion by the end of 2025 reflecting an 8.4% CAGR over this period. For Anvayaa, the team envisions expanding its services across all Metros PAN India and also bringing in IoT and AI-based solutions for proactive care. They are anticipating to grow by 200% YoY in the next 5 years.
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Anvayaa - Founders and Team
Prashanth Reddy is the Founder and Managing Director of Anvayaa.
Prashanth met another co-founder apart from his wife, through a common friend. He had returned from Australia after his MBA and had earlier worked with Deloitte. Prashant spent a few hours with him and explained the overall concept and what he was trying to achieve. Then they met again after a couple of days and Prashant did give up another employment opportunity to join Anvayaa as it was emotionally connecting to him.
Prashanth Reddy has worked with Tata Consultancy Services in multiple leadership roles across the USA, Europe, Africa, and India in his 26 years of experience. He was the CEO of APOnline, a JV between Govt. of AP and TCS. He has been an entrepreneur for 12 years. He is a Computer Science Engineer and Alumni of UCLA – Anderson School of Management.
Deepika Reddy is the Director, manages the Financial Aspects and is involved in Strategy of Anvayaa. 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 Andhra Pradesh.
Prashanth Patkar is the Head of Operations. He has a dazzling MBA from Australia and has worked as a Team Lead at Deloitte before 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
The current company size at Anvayaa is 48 Employees and the company has a very open work culture with less hierarchy. They normally hire from Social work colleges and most of the hiring happens through internal references or references from friends and other professional colleagues.
Anvayaa - How did it start?
Having moved back to Hyderabad, India from the United States to take care of his elderly parents, Prashanth Reddy realized that a lot of his friends and cousins from the US reached out to him to help their parents. Though he politely obliged, later he 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. One must not forget their very purpose of existence, which is their parents who sacrificed and at the 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 with care, comfort, and convenience.
“Not Providing Care to Our elderly is Abuse”, quoted Prashanth Reddy.
With this very belief the team chooses to make the life of an elderly peaceful and make them live with dignity in the society. Another quote the company uses more frequently is “Don’t wait until you see an empty Chair”. The Call to action is "act now". This is to give the right message for the kids who want to provide the care for their elders and they did not have such an option earlier.
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 one-stop- solutions for all elderly needs.
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Anvayaa - Name, Tagline, and Logo
Once the team decided to start this company, the task was to find a suitable name. The core team initially started calling it Hap50 like happy after 50 years. Prashanth Reddy was however very particular in having a Sanskrit name for the company as they are Indians.
“My family was sitting in our living room and my wife, mom, and my daughter started to look for Sanskrit names with a meaning of old age, services, etc. But none were very impressive for us,” said Mr.Prashanth Reddy.
Finally, it was his daughter who started to search alternatives from Family in Sanskrit as we are serving a family and not just senior citizens. She found this name ‘ANVAYA’ and it felt good for all of them.
“We then started to look for domains and we could find Anvayaa.com and there we go. We had the final Name ‘ANVAYAA KIN CARE’.” Added Mr. Prashanth Reddy.
The logo was another challenge. The team wanted to use the colors suitable for soothing, elders and caring with compassion. So the logo stands for all that and they were able to finalize after a few iterations.
The tagline of Anvayaa is another important story. This came up for discussions when one of their friends came from Australia and said you don’t have a tagline for people to understand. So the team started discussing and in that discussion they came up with “Care. Comfort. Convenience” as they were the most important things they were delivering to the customers and families.
Anvayaa - Startup Launch
Prashanth Reddy started with Secondary research with the available information on the public domain and it was all flooded with health care needs the seniors requires as no one is around to take care of them and the relevant numbers etc. He wanted to do Primary research and find out what was needed. So he decided to hire a few MBA Interns and prepared a survey.
Together with the interns, they obtained survey from about 400 people across Hyderabad who are all senior citizens and to their surprise, the need was to have a comprehensive service provider rather than just health and medical care.
Further to validate, they launched another survey targeting NRIs who lived away from parents and there the team got a positive response that was needed for them. Hence Prashanth Reddy and the core team officially launched Anvayaa.
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Anvayaa - User Acquisition
The team used the following methods to target and attain potential customers:
- Digital Marketing entirely - SEO’s, Google PPC’s and social media platforms.
- Being transparent has always been the strategy. One Number for all the needs of the elderly is working very well for them.
- Preferred pricing from all our vendors for Anvayaa Members. The partnerships includes the likes of Apollo’s, Portea’s Nightingales, 1MG, HouseJoy, Stanplus and more such reputed partners that help Anvayaa deliver quality care.
- Predictability of Services and Compassion of the Care Managers.
- Digital Marketing on real-life events and testimonials has worked as the best growth hack.
- Regular feedback and actions.
Anvayaa - Business Model and Revenue Model
The Anvayaa revenue comes essentially from Anvayaa subscriptions revenue through Anvayaa members. The annual membership pricing starts from INR 50K- to INR 200K- per year per family depending on the type of services needed by them.
Anvayaa - Startup Challenges
Anvayaa, even though being a social startup, still faces a fair share of challenges. Some of them being direct competition, continuous focus on innovation & new market strategies and customizing subscription models based on customer needs for increased customer acceptance. Also, not meeting planned customer acquisitions, devise customer referral programs, increasing scope by rapid expansion to other cities are some other challenges faced by Anvayaa.
Anvayaa - Funding and Investors
The Anvayaa funding is essentially bootstrapped. In March 2019, Anvayaa raised INR 1.5 Crores from the team’s friends and family.
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Anvayaa - Competitors
There are various Eldercare startups in India, such as Life Circle Senior Services, Healers at Home, Nightingales, Care 24, Seniority, Athulya Assisted Living, SeniorShelf and Elder Ease.
Anvayaa - Advisors and Mentors
Mr. Shakti Sagar - Founding leaders of Hyderabad’s IT industry. He has been part of many start-ups since the 1970s. Also, he has been an ADP India Managing Director.
Anvayaa - Growth
Anvayaa is operational in Hyderabad, Bangalore, Chennai, and Mumbai (from April-1st, 2020) and planning to start operations in Mumbai and Vizag from July 1st -2020. It has revenue of INR 2.5 Crores in FY19.
Anvayaa has a userbase of over 800 subscribed members. Majority of clients of Anvayaa are IT professionals.
Anvayaa - Awards and Recognition
The following awards are backed by Anvayaa:
- Awarded HYSEA best software product under the social impact category
- Recognized as the Hy 10 most to be watched startup by HYSEA for the year 2019
- Global Top 10 social impact sector at the City Preneurs-2019 Award Seoul, South Korea-the only international start-up platform in the world that focuses on building the capacity of young entrepreneurs to offer revenue-generating solutions that help solve urban challenges within the framework of the Sustainable Development Goals (SDGs)
- Awarded Social Enterprise award by Action for India 2019
- Awarded Best Start-up’s Pitch among 250+ start-ups across India, at E-Summit 2020 @IIT Madras
Anvayaa - Future Plans
Anvayaa's future plans consists of:
- Expansion to new Metro cities and aggressive customer acquisition
- Transitioning from being a reactive care provider to proactive care provider with the help of (New wearable technology for seniors)
- Investing in wearable technology and moving to tier 2 and tier 3 cities enabling revenue generation.
- Technology platform stability
- Stronger partner ecosystem
Frequently Asked Questions - FAQs
What is Anvayaa?
Anvayaa is India’s only 360-degree, technology-enabled personalized senior care platform that offers a one-stop solution for all elder care needs. It is useful for NRIs living abroad to take care of elders.
How much does Anvayaa charge?
The annual membership pricing starts from INR 50K- to INR 200K- per year per family depending on the type of services needed by them.
Where is Anvayaa services available?
Anvayaa is operational in Hyderabad, Bangalore, Chennai and plans to expand further.
Author: Rishabh Rathi
Source : https://startuptalky.com/anvayaa-success-story/
Date : 2021-04-03T15:39:00.000Z