GenWise raises $3.5 million in funding led by Matrix to target elderly population

Angel investors included Cred founder Kunal Shah, BharatPe CEO Suhail Sameer and LiquiLoans founder Achal Mittal, a statement stated.

These funds will be utilised to establish an initial team and facilitate the launch of the app.

Founded by Geetanshu Singla, Nehul Malhotra and Rajat Jain, GenWise boasts features like a personal digital assistant, a streamlined digital passbook, reminders for medication and tools to socialise.

“The app also serves as a platform for younger family members to stay connected with their parents and other elderly 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 statement added.

The startup aims to tap the 50-75 age group, “the fastest expanding age group in India”, Malhotra said. “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,” he added.

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GenWise will launch as an exclusive, invite-only community, with an aim to provide an intimate and personalised experience for early adopters. With traction, the app will have additional features and widen its reach, the company said.Another startup building in the niche category of elderly services includes senior citizen companionship provider Goodfellows. It had raised investment from Hiranandani Group cofounder and managing director Niranjan Hiranandani and former Tata Sons chairman Ratan Tata.