Investing for Our Silver Future — Understanding Our Investment in Ivory
The Silver Economy, The Wiser Generation, or what we generally know as the “Elders” represent ~15% of India’s population.
Despite their substantial share, this demographic has been somewhat left out of the innovation loop. The emerging category addressing this gap is commonly referred to as Age-Tech, encompassing any technology designed to enhance the lives and experiences of aging adults.
With improved healthcare, longevity, and declining fertility rates, the population of older persons (60 years+) is globally growing faster than ever. India is not an exception to this phenomenon. While studying the space, we came across the India Ageing Report by UNFPA which highlighted a few India-focused statistics:
- There were 149Mn persons aged 60+ in 2022, comprising around 10.5% of the country’s population. By 2050, the share of older persons is projected to be 347Mn, i.e. double to 20.8%
- During 2000–2022, the total population of the country grew by 34%, while the population of 60+ years grew by 103%
- Projections indicate that during 2022–2050, the overall population of India will grow by 18% only, while the older population will grow by 134%
Looking ahead to 2046, it is projected that India’s elderly population will surpass the population size of children between 0–14 years, with a decline in the numbers of those aged 15 to 59 years.
While a majority of the elderly in India still live with their adult children, about one-fifth either live alone or only with a spouse, necessitating the independent management of their material and physical needs.
Additionally, while the elder generation may not generate as much income as younger demographics, they, as a group, hold substantial wealth that they are willing to spend. It is no surprise that they spend relatively more on health care, but they also spend a notable portion of their wealth on non-essentials, with an increasing amount on new products and services. In India, seniors hold $150Bn across 20Mn urban households with spends potential of $7500 p.a (INR 6L).
While the current elder population might not be that tech-savvy, which necessitates tailored GTM strategies, India is at the cusp of digital transformation. We at Capital-A believe that as the current younger generation grows older and forms a part of the more digital native cohort, there would be significant tech adoption in this space.
As we were researching about the space, a recurring theme emerged — the remarkable stickiness of products designed for the elder generation. In a landscape where the younger generation might juggle multiple apps addressing similar needs, the older demographic leans towards the simplicity and loyalty of a single platform, seldom seen in the rapidly evolving tech space. We also saw a shift in the mindset from battling against natural aging to a growing emphasis on embracing and appreciating all stages of life, including aging.
As family structures shift from multi-generational to smaller, more independent households, and as younger generations move away from their parents’ cities, individuals in the 60+ age group often find fewer opportunities to keep their minds active and engaged.
While they may occupy their time with social media, YouTube, and similar platforms, this increased reliance on digital distractions can contribute to inactivity and loneliness. Unfortunately, such a lifestyle is associated with a 50% higher risk of neurodegenerative issues and a 29% higher risk of coronary conditions. The prevalence of dementia among individuals aged 55 and above is alarming, with one person in India facing the risk every 20 seconds.
That is where our latest investment in Ivory comes in!
What is Ivory?
Building in the age-tech space, the Ivory platform enables working and retired professionals above the age of 55 to retain their mental and cognitive capacity as they age. Ivory does this with a combination of skills enhancement and gamified activities delivered with a community-building approach. Picture it as a gym for the mind — mixing science-backed activities with the community element!
Essentially, Ivory streamlines the process for its users by instilling a routine of mental sharpness as a habitual practice. The platform offers a range of interactive content and social games, with a strong emphasis on cognitive wellness through activities like mental exer-games, comprehensive wellness programs, and engaging community interactions. Beyond this, Ivory serves as a comprehensive solution, providing a centralized hub for neurological assessments, second opinion consultations, and personalized activities based on assessment outcomes.
Founder — Market Fit
Given the nascency of the age-tech space and the challenges that exist in terms of scaling and monetization, our conviction in Ivory finds its foundation not only in the promising market space but, more importantly, in our unwavering belief in the competence and vision of its founders.
The age-tech sector, by nature, targets an audience that has historically exhibited minimal tech adoption and poses unique challenges in terms of outreach. To navigate these intricacies successfully, we believe that the founders in this domain must possess a distinct background marked by experience in consumer brands or direct engagement with consumers. Moreover, creative acumen becomes paramount for innovation in this space.
Issac and Rahul, the Founders of Ivory, embody this blend of skills and expertise. Issac, the driving force behind growth, marketing, and content strategy for the app, brings a wealth of experience from leadership roles in marketing at consumer-facing brands like Discovery+, Puma, HealthifyMe, CNBC, among others. Meanwhile, Rahul, overseeing the technological and product aspects, is a 1x Founder and a seasoned tech professional with a background in companies like Infra.Market, Flyremit, Grabhouse, etc. Their collective experience and distinct expertise create a solid foundation for Ivory.
It didn’t take us more than a couple of meetings to have conviction in Issac and Rahul’s passion for the space and their execution capabilities.
We were drawn to the proposition of a strong founder-market fit, the potential to be a category creator in the age-tech space, and a large addressable market that Ivory has, and are excited to partner with them as they play a pivotal role in India’s developing Age-Tech market.
PS: Ivory’s website and Cognitive Age Test is live now and it will help you know more about your brain age. It’s great to try if you are above 40 and definitely ask your parents to try too!
As the Age-Tech space undergoes dynamic changes, we, at Capital-A, are actively seeking to enhance our understanding of this industry. If you are an operator, founder, investor, or enthusiast in the Age-Tech space — we would love to chat. Please reach out to aswani@capital-a.in, raashi@capital-a.in, hello@capital-a.in.
