GenWise, a Delhi-based startup founded by former executives of BharatPe, has raised $3.5 million in its first round of funding led by Matrix. GenWise is building an online community for Indian elders and their family members, providing personalized solutions for finance, wellness, commerce, payments, and social networking. The startup aims to offer a dependable companion to seniors and help younger family members stay connected with their parents or senior ones. The company will also provide personalized sessions for elders to help navigate existing mobile services and daily activities. While GenWise is in stealth mode, the startup faces competition from other elder care startups such as SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and Goodfellows.
GenWise has confirmed that it has raised a seed round of funds, although the exact amount raised is not specified. Nehul Malhotra, one of the co-founders of the startup, has stated that the valuation mentioned in the article is lower than the actual valuation. Malhotra has also emphasized that while eldercare is often associated with healthcare, GenWise is building a lifestyle product that will be a “pull product” rather than a “push product” like healthcare. The startup is planning to launch its app next month and will reveal its exact products at that time. It seems that several former executives of BharatPe have embarked on their own entrepreneurial journeys or have joined other startups after their exit from the firm. Ashneer Grover, co-founder and MD of BharatPe, and his wife Madhuri Jain launched Third Unicorn and its fantasy sports platform CrickPe. Bhavik Koladiya, another co-founder, has joined OTPless as CEO, a SaaS startup. Suhail Sameer, former CEO of BharatPe, is reportedly planning to launch his own venture capital firm after resigning from the company.