Matrix is the driving force behind the startup funding raised by former BharatPe executives.
- ByStartupStory | April 12, 2023
According to three people with knowledge of the development, GenWise, a startup founded by former executives of the digital payment platform BharatPe, has raised money in its initial round. An online community for senior Indians and their families, the Delhi-based startup.
“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.”
Even in the absence of their younger family members, GenWise offers seniors a trustworthy companion. While giving seniors the independence to use technology and access personalised solutions on their own, it helps younger members of the family stay in touch with their parents or senior relatives.
The company’s website states that GenWise will provide products in the areas of finance, wellness, commerce, payments, and social networking in addition to offering personalised sessions for seniors to assist them in utilising current mobile services and daily tasks.
Vijay Aggarwal, the company’s CTO, Rajat Jain, the CPO for lending and consumer products, Geetanshu Singla, the vice president of technology, and Nehul Malhotra left BharatPe in November (head of consumer lending platform PostPe). Aggarwal is working on his own idea, according to sources, while Malhotra, Singla, and Jain have joined forces to launch GenWise.
While GenWise is operating covertly, a number of elder care startups, including SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and Goodfellows, are active in the market and could directly or indirectly compete with the former.
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