GenWise, a lifestyle app for the elderly, raised $3.5 million in a seed round led by Matrix Partners India, with participation from investors including DBR Ventures (Family Office, Jagran Group) and Climber Capital, as well as angels like Kunal Shah, Suhail Sameer, and Achal Mittal.
GenWise offers the elderly a dependable companion even when their younger family members are absent. It was founded by former BharatPe executives Geetanshu Singla, Nehul Malhotra, and Rajat Jain. While giving seniors the independence to utilize technology to get customized solutions on their own, it allows younger members of the family to stay in touch with their parents or senior ones.
The Delhi-based startup will utilize the funds to form the initial team and facilitate the app’s launch. The app will offer features including a personal digital assistant, an organized digital passbook, quick medicine reminders, and entertaining social networking tools.
GenWise will first debut as an exclusive, invite-only community, promising an intimate, customized experience for early adopters. The team will introduce new features and expand the app’s user base as it reaches momentum.
“We employ cutting-edge technology, including artificial intelligence, to facilitate a smooth user experience,” said Geetanshu Singla, Co-founder of GenWise. “Our team has harnessed the power of innovation to create a digital environment that elders can navigate with ease.”
Along with GenWise, several other startups in the elder care sector, including SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and Goodfellows, are engaged in this space.
“In the wake of the COVID-19 pandemic, senior family members were compelled to adopt technology. However, most existing applications fall short of catering to their distinct needs. We are excited to partner with GenWise, a platform to bridge generational gaps through a shared social platform,” said Siddharth Agarwal, Principal, Matrix Partners India.
“With a population of around 250 million between the ages of 50 and 75, this demographic is the fastest expanding age group in India. For them, the need to have an enabler to simplify the use of technology was overlooked,” he added.
In June last year, Matrix made a final close at $550 million on its India-dedicated fund. The new fund has backed ZippMat, Saveo, Murf AI, and XimKart.
