Elderly-focused lifestyle app GenWise has raised $3.5 million in a seed round led by Matrix Partners India. The round also saw participation from investors, namely DBR Ventures (Family Office, Jagran Group) and Climber Capital, as well as angels including Kunal Shah, Suhail Sameer, and Achal Mittal.
The funds will be used to establish the initial team and facilitate the launch of the app. It will launch as an exclusive, invite-only community, and as the app gains traction, the team will roll out additional features and widen its reach, it said in a statement.
The app offers features such as a personal digital assistant, a streamlined digital passbook, reminders for medication, and engaging tools to socialise. It also serves as a platform for younger family members to stay connected with their parents or senior loved ones.
Rajat Jain, Co-Founder, GenWise, said, “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. Age should not be a barrier for anyone to leverage the potential of going digital and its various possibilities.”
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 ages of 50 to 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, noted Nehul Malhotra, Co-Founder, GenWise.
“The company has 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,” said Siddharth Agarwal, Principal, Matrix Partners India.