GenWise, a startup founded by former executives of digital payment platform BharatPe, has raised funds in its maiden round, according to three people aware of the development. The Delhi-based startup is an online community for Indian elders and their family members.
“Matrix has led [a] $3.5 million round in GenWise along with a few other individuals from [the] fintech sector,” said one of the sources on the condition of anonymity. “The round is already closed and the company is trying to build in stealth.”
GenWise provides a dependable companion to seniors, even in the absence of their younger family members. It helps younger family members stay connected with their parents or senior ones, while giving elders the independence to use technology and access customized solutions on their own.
As per the company’s website, GenWise will offer products across finance, wellness, commerce, payments and social networking and will also provide personalised sessions for elders to help navigate existing mobile services and daily activities.
In November, BharatPe saw an exodus of its top brass which includes Vijay Aggarwal (CTO), Rajat Jain (CPO for lending and consumer products), Geetanshu Singla (vice-president of technology) and Nehul Malhotra (head of consumer lending platform PostPe). While Malhotra, Singla and Jain have come together to launch GenWise, Aggarwal is working on his own idea, as per sources.
“GenWise will be valued at around $6-8 million post funding given the current market conditions,” said another source requesting anonymity. “The firm is aggressively hiring for key positions and looking to expand as well.”
Matrix did not respond to queries sent by Entrackr.
GenWise’s Malhotra confirmed the seed round to Entrackr, but said the valuation mentioned in the article is “quite low as compared to reality.” He further added, “Usually, when we talk of elders, the first thought comes to mind is healthcare. However, we are building a lifestyle product which will be a pull product and not a push product like healthcare. We will launch our app late next month and will reveal our exact products at that moment.”
While GenWise is in stealth mode, a bunch of elder care startups such as SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and Goodfellows are also working in this space that may pose competition to the former directly or indirectly.
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With GenWise, the trio has also joined the list of former BharatPe executives who have donned the entrepreneurial hat after their exit from the firm. Third Unicorn, a new venture floated by former BharatPe co-founder and MD Ashneer Grover and his wife Madhuri Jain, recently launched fantasy sports platform CrickPe. Entrackr had exclusively reported the development. Meanwhile, Bhavik Koladiya, another co-founder of the company, has joined SaaS startup OTPless as CEO. Suhail Sameer, who served as CEO of BharatPe, is reportedly planning to launch his own venture capital firm after he resigned from the Tiger Global-backed company.