Industrialist Ratan Tata on August 16 announced an undisclosed amount of investment in senior companionship startup Goodfellow.

Goodfellows was founded by Shantanu Naidu, a manager in Ratan Tata's office.

Goodfellows, designed to pair senior citizens with young graduates in the form of a paid service, has completed a beta phase in Pune over the past six months.

"The bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue In India.

I hope the investment helps the young team at Goodfellows grow," the 84-year-old Tata said.

The company said the young graduates, which it has been hiring, are vetted for empathy and affinity towards the elderlies.

The vetting process is aimed at selecting the best applicants who can engage with the clients in an "authentic and meaningful way", it added.