Elderly-focused GenWise raises $3.5M led by Matrix Partners India
The Delhi-based startup will use the funds to establish the initial team and facilitate the app's launch.
, which is developing a lifestyle app for the elderly, raised $3.5 million in a seed round led by Matrix Partners India. The round saw participation from investors including DBR Ventures (Family Office, Jagran Group) and Climber Capital, as well as angels Kunal Shah, Suhail Sameer, and Achal Mittal.
The Delhi-based startup will use the funds to establish the initial team and facilitate the app's launch.
GenWise will launch as an exclusive, invite-only community, promising an intimate and personalised experience for early adopters. The additional features will be rolled out as the app gains traction.
"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.
Adding to this, Nehul Malhotra, Co-founder of GenWise, stated that individuals above the age of 50 possess, on average, 10X the accumulated wealth compared to those under 35 and are now spearheading the surge of new online shoppers in 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.
Founded by Geetanshu Singla, Nehul Malhotra, and Rajat Jain in 2023, GenWise is a lifestyle application for the older generation to enrich their digital journeys.
"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."
The app will have features, including a personal digital assistant, a streamlined digital passbook, timely reminders for medication, and engaging tools to socialise.
It will also serve as a platform for younger family members to stay connected with their parents or senior loved ones.
Edited by Kanishk Singh