In a bid to empower senior citizens and bridge the digital divide, Nehul Malhotra, Rajat Jain, and Geetanshu Singla, former executives of BharatPe, have come together to launch GenWise. This innovative platform, founded in 2023, aims to revolutionise the lifestyle of the elderly by equipping them with the necessary digital skills, including financial management, social engagement, and healthcare.
GenWise Secures $3.5 Million in Seed Funding
GenWise has recently announced a significant milestone, raising $3.5 million in a seed funding round led by Matrix Partners India. This investment will enable the platform to accelerate its development and expand its reach, ensuring that more senior citizens can benefit from its services.
Seizing Opportunities in the Aged Care Market
The founders of GenWise recognize the untapped potential within the aged care market. With the industry experiencing a relatively slow pace of growth, GenWise has a unique opportunity to disrupt the sector and bring about positive transformations. By catering specifically to the needs of elderly individuals, the platform aims to address the challenges of digital inclusion and enhance their quality of life.
Digital Inclusion for India’s Elderly Population
Despite India’s rapid digital advancement and a staggering 700 million internet users, a significant portion of the population, particularly the elderly, still face barriers to digital inclusion. The lack of access and knowledge hinders their ability to fully embrace the benefits of the internet. According to a report by Robocash group, approximately 62 million individuals aged 55 and older have yet to venture into the online realm. However, this scenario is expected to change by 2025 as efforts are made to bridge the digital gap.
GenWise’s mission to empower senior citizens and make them digitally independent is both timely and significant. With the support of seed funding and a strong focus on addressing the unique needs of the elderly, the platform has the potential to transform the lives of millions. By providing comprehensive digital education and access to essential services, GenWise is set to bridge the digital divide and empower senior citizens to lead fulfilling and independent lives in the digital age.
