RPG Group company Seniority plans to take in a strategic investor
RPG Group company Seniority Pvt Ltd, which sells products meant for senior citizens, plans to rope in a strategic investor who can help to grow the business, its co-founder Ayush Agarwal said on Tuesday.
Lifestyle products for the elderly are moving fast as the senior citizens have more discretionary income and purchasing power, he said.
"Over the course of next year, we will look out for a strategic investor who can help us in scaling up the business than being a mere financial investor. It might happen next year. Till now a sum of $6 million has gone into the business from RPG Ventures," Agrawal told media here.
He was here to inaugurate the company's first Seniority outlet here in a strategic tie up with Care Finder that is into consulting/assisting senior citizens in various modes.
"Chennai is one of our major urban markets. Majority of our sales come from tier II and III cities. Currently we ship products to 20,000 pin codes and have a customer base of about 300,000," Agrawal said.
"The average bill size is about Rs 1,500 and service about 1,250 orders per day. More than 70 per cent of the sale comprise of liftestyle/gifting/leisure products," he added.
According to him, the company has launched its private label products and sources them from China.
Expanding the product range for elders, Seniority has added some games, including traditional ones, to its portfolio. The company will be increasing its kitchen appliances offering.
About the market, Agrawal said though India is a young country now, the population of the elderly is growing and by 2025, nearly 15 per cent of the population will be of senior citizens.
"This segment has money to spend and travel agencies, banks and others have dedicated divisions to cater to the senior citizens," he said.
Agrawal said an analysis of billing and shipping addresses showed that one-third of the orders placed are by senior citizens for their use and the balance is by others for the use of senior citizens.
"A good number of youth also use our kitchen products as they find it easy," he added.
On the tie-up with Seniority, Care Finder CEO P.S.Srikumar said: "The venture completes the circle of our offerings. Now we also offer products to senior citizens apart from consulting and other services."IANS