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GenWise raises $3.5M led by Matrix Partners India
New Delhi, Tuesday, 6th June, 2023: GenWise, India's first lifestyle app for the elderly, raised $3.5M in a seed round led by Matrix Partners India, with participation from investors namely DBR Ventures (Family Office, Jagran Group) and Climber Capital, as well as angels like Kunal Shah, Suhail Sameer and Achal Mittal. The funds will be used to establish the initial team and facilitate launch of the app.
GenWise, a pioneering effort, is India’s first lifestyle application for the older generation, to enrich their digital journeys. It is rooted in the philosophy of empowering the "Generation Wise" or our respected elders, enabling them to independently navigate their daily lives. With innovative features like a personal digital assistant, a streamlined digital passbook, timely reminders for medication and engaging tools to socialise, GenWise helps to harness the benefits of technology with ease and confidence.
The app also serves as a platform for younger family members to stay connected with their parents or senior loved ones. It balances the need of the older generation to have their autonomy, while having the comfort of knowing their loved ones are a tap away.
The founders of GenWise, Geetanshu Singla, Nehul Malhotra and Rajat Jain, have collective experience of over 40 years in consumertech, with expertise across social media, e-commerce, banking and other industries.
Rajat Jain, Co-Founder, GenWise, shared, "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."
Adding to this, Nehul Malhotra, Co-Founder, GenWise, stated, "Individuals above the age of 50, possess on average, ten times 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 age of 50-75, 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.”
"At GenWise, we employ cutting-edge technology, including artificial intelligence, to facilitate a smooth user experience," said Geetanshu Singla, Co-Founder, GenWise. "Our team has harnessed the power of innovation to create a digital environment that elders can navigate with ease.
"On the fundraise, Siddharth Agarwal, Principal, Matrix Partners India, shared, “In the wake of the Covid-19 pandemic, senior family members were compelled to adopt technology. However, most existing applications fall short in catering to their distinct needs. Rajat, Nehul and Geetanshu, have built consumer apps that have reached over 200 million Indians in the past and are best poised to address this need. We are excited to partner with them as they build GenWise, a platform to bridge generational gaps through a shared social platform.”
To begin with, GenWise will launch as an exclusive, invite-only community, promising an intimate and personalised experience for early adopters. As the app gains traction, the team will roll out additional features and widen its reach to a larger audience.
About GenWise:GenWise is India's first lifestyle app designed for the elderly. In its commitment to foster digital independence, GenWise offers a variety of features across wellness, digital literacy, financial management and social engagement. In addition, it helps younger family members to stay connected with their parents or senior loved ones, while giving the elderly, confidence and autonomy of their own. For more information, log on to: https://genwise.club
About Matrix Partners India:Founded in 2006, Matrix Partners India invests in companies targeting the Indian consumer and enterprise market, and has invested in several category-leading companies such as Dailyhunt (Local language platform), Five Star Business Finance (SME Lending), OfBusiness (B2B commerce, fintech), Ola (Mobility), Ola Electric (Electric Vehicles), OneCard (Mobile-first credit card), Oxyzo (Tech-enabled smart financing), Razorpay(Payments), Captain Fresh (B2B seafood marketplace), Country Delight (D2C dairy & fresh foods brand), GoKwik (E-commerce enablement platform), Jupiter (Neobank), MoEngage (Customer engagement platform), Mswipe (Mobile POS), Stanza Living (Tech-enabled student housing platform) and Zupee (Skill-based gaming) among others. Matrix Partners India has advisory offices in Bangalore, Delhi and Mumbai. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.
