GenWise, a lifestyle app for the elderly, has successfully raised $3.5 million in a seed funding round. Matrix Partners India led the investment. DBR Ventures, Climber Capital, and notable angel investors like Kunal Shah, Suhail Sameer, and Achal Mittal are other participants.
This funding will enable GenWise to establish its initial team and facilitate the launch of the app. The startup aims to provide a reliable companion for seniors, ensuring connectivity even in the absence of their younger family members. The startup empowers older individuals to use technology independently and access customized solutions that enhance their lifestyles.
Geetanshu Singla, Nehul Malhotra, and Rajat Jain, former executives of BharatPe, founded GenWise. The app focuses on addressing the distinct needs of seniors. It aims to bridge the generational gap by offering a shared social platform. By using GenWise, younger family members can stay connected with their parents or senior loved ones, while elders gain independence in utilizing technology.
Initially, the startup plans to launch as an exclusive, invite-only community, providing early adopters with an intimate and personalized experience. As the app gains traction, the team will roll out additional features to cater to a wider audience.
Matrix Partners India, the principal investor in GenWise’s investment round, unveiled its India-dedicated fund in June last year, with a final closing of $550 million.
Matrix has invested in several firms through this fund, including Saveo, Murf AI, XimKart, and ZippMat. The collaboration with GenWise is consistent with Matrix’s commitment to assisting businesses that handle the unique issues and possibilities in the Indian market.
What Rajat Jain, the Co-Founder of GenWise, said
Rajat Jain highlights the startup’s vision to empower the elderly and bridge the digital gap between generations. The team strongly believes that age should not hinder anyone from leveraging the potential of going digital and all its possibilities.
The startup aims to create a lifestyle app that caters to the specific needs of seniors and promotes their active engagement with technology. Through features such as a personal digital assistant, a streamlined digital passbook, medication reminders, and social engagement tools, GenWise offers a comprehensive platform for the older generation.
The startup will initially introduce its app as an exclusive and invite-only community for early adopters. This will ensure a gradual and controlled launch. This approach allows the startup to provide personalized attention and gather valuable feedback from its initial user base. As GenWise gains traction and refines its offering, the team plans to expand the app’s reach and introduce additional features. The goal is to create a widely accessible platform that brings together seniors and their families and a range of services tailored to their needs.
What Siddharth Agarwal, Principal of Matrix Partners India, said
Matrix Partners India principal Siddharth Agarwal expressed excitement about collaborating with the founders of GenWise. Together, they will establish a platform that bridges generational differences through a shared social network.
According to Agarwal, the COVID-19 pandemic drove elderly family members to utilise technology. However, current applications frequently fall short of meeting their specific needs. He noted that GenWise’s founders, Geetanshu Singla, Nehul Malhotra, and Rajat Jain, have previously produced consumer apps that touched over 200 million Indians, making them best prepared to solve this need.
Agarwal emphasised that age should not impede anyone from using the benefits of going digital and its varied possibilities. He said that Matrix Partners India is excited to collaborate with the startup. As a team, they seek to create a platform that empowers the elderly and crosses the generational digital divide.
Other Businesses in the Elder Care Tech Space
In the elder care space, GenWise joins the ranks of other startups such as SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and Goodfellows. These companies are dedicated to providing services and solutions for the elderly population.
