Unveiling India’s AgeTech Potential: A Billion Opportunities
Have you ever wondered what could be the next frontier for AgeTech? It might be India. Yes, that’s right. This huge market which by 2026 is expected to have 1 billion smartphone users, might be the world’s most overlooked startup opportunity.
The video conveys the main points, the text below expands on them.
With a population of over 1.4 billion people, India recently surpassed China and claimed the title of the world’s most populous country. What makes this demographic landscape even more intriguing is that 7% of India’s population is aged 65 and above – that’s almost 100 million people! To put it in perspective, India’s older population exceeds the combined older populations of the United States, United Kingdom, Canada, and Australia.
India is the world’s fifth largest economy, with a GDP of $3.7 trillion, and just like everywhere else, India’s older adults have a significant contribution to the economy.
According to the AARP’s Global Longevity Economy report on India, individuals aged 50 and above contributed over $2 trillion to India’s economy in 2020, underscoring the significant impact of the aging population.
With over 50% of the population using the internet, India is on the cusp of a tech revolution, expected to have 1 billion smartphone users by 2026 (source). This surge in digital connectivity paves the way for unprecedented AgeTech opportunities.
Hailing from San Francisco and Mumbai, GetSetUp has secured an impressive $20 million in funding. Their mission is to empower individuals over 55 to acquire new skills, connect with others, and unlock life experiences. With over 4 million users across 160 countries, GetSetUp is a big inspiration for consumer AgeTech startups worldwide.
Khyaal, translating to ‘care’ in Hindi, recently secured over $4 million in seed funding, bringing their total funding to over $10 million. This app-based platform, with a user base exceeding a million, is revolutionizing the aging experience in India through secure payments, free online games, live yoga, and digital workshops.
Our final spotlight, Wisdom Circle, connects senior experienced professionals with meaningful opportunities. This startup leverages a lifetime of wisdom and experience, offering a platform for senior professionals looking to make a difference.
Charting New Territories: The AgeTech and Smartphone Confluence
As we navigate the global AgeTech landscape, tech adoption among older adults remains a barrier in many countries, in India, the surge in smartphone users could become a catalyst for an AgeTech boom.
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