GenWise Raises $3.5 Million in Seed Funding to Expand Elderly Lifestyle Platform

GenWise, a lifestyle platform catering to the elderly, secures $3.5 million in seed funding led by Matrix Partners India. The funding round witnesses participation from notable investors including DBR Ventures (affiliated with Jagran Group) and Climber Capital. Renowned angel investors such as Kunal Shah from CRED, Suhail Sameer (former CEO of BharatPe), and Achal Mittal (cofounder of LiquiLoans) also contribute to the funding round.

With the newly secured funding, the startup plans to expand its team through hiring initiatives. Additionally, the investment will be utilized to facilitate the comprehensive launch of its app, which is presently exclusive to Android users. Initially, the app will operate on an invite-only basis for users. The startup further stated that as the app garners popularity among users, it will gradually expand its user base and incorporate additional features to enhance the platform's functionality.

"GenWise embodies our collective vision to develop a lifestyle app that not only empowers the elderly but also bridges the prevailing digital gap between generations, that we witnessed within our own families. We strongly believe that age should not be a barrier for anyone to leverage the potential of going digital and its various possibilities," GenWise cofounder Rajat Jain said.

Established in 2023, Genwise was founded by a group of former senior executives from fintech unicorn BharatPe, including Vijay Aggarwal (Chief Technology Officer), Rajat Jain (Chief Product Officer of Lending and Consumer Products), Geetanshu Singla (Vice President of Technology), and Nehul Malhotra (Head of PostPe). This innovative startup provides a specialized community platform tailored to the needs of the elderly population. Through this platform, elderly individuals can access a wide range of features spanning digital literacy, financial management, wellness, and social engagement, enhancing their overall lifestyle.

GenWise's AI-powered application presents an online personal assistant that aids the elderly in their day-to-day activities, including online payments, shopping, and reservations. In addition to providing medication reminders, the app enables users to conveniently check their account balance and engage in online transactions.

The startup's vision includes introducing features like an integrated social media platform within their app, providing a means for elders to engage in online socialization. Additionally, the company has plans to launch financial products such as investment and payment accounts on their platform in the future.

GenWise primarily targets individuals aged 50 and above, who, according to co-founder Malhotra, typically possess ten times the accumulated wealth compared to those under the age of 35. Recognizing the rapid growth of the 50-75 age demographic in the country, the startup aims to serve as a facilitator, simplifying the use of technology for this specific age group.

The recent funding round follows the beta launch of GenWise's product, which caters specifically to the elderly-focused consumer internet app market. Currently, this market is in its nascent stage, facing challenges related to digital literacy and the complexity of technology, which can hinder the adoption of newer technologies among users aged 50-75.

Furthermore, the elderly-focused app market remains largely untapped, presenting a significant opportunity for app developers. However, several startups, including Seniority, a senior-care ecommerce platform, and Empowerji, an app tailored for the elderly, have emerged to address this gap. As the elderly demographic is projected to expand substantially in the future, the market is anticipated to gain further momentum and attract increased attention.

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