GenWise and the Geriatric Care Industry:
Established in the year 2023, GenWise is established as the 1st lifestyle App for the elders aka “the wise generation”. The elderly care industry, widely known as the geriatric care, is at its nascent stage. The GenWise app aims to make our elders more tech savvy and digitally independent. It will be promoted as a members-only club offering various benefits to both elders and the younger ones in the family. It is open to users through invitation only.
Introducing GenWise:
GenWise is a start-up founded by ex- BharatPe employees – Nehul Malhotra, Rajat Jain and Geetanshu Singla. Genwise is a part of the geriatric care industry. The founders elaborated that the idea for this start-up came to them when they saw the elders in the family struggling to keep pace to the ever-evolving digital space. From being connected to making payments, from catering to their spiritual needs to daily needs, Genwise is envisioned to help them navigate through the digital world with ease. Taking the untapped geriatric care segment head on.
GenWiseFunding:
Led by Matrix, GenWise has recently raised $3.5 million in seedfunding . The list of Genwise’s investors include:
- Kunal Shah
- Matrix Partners India
- Suhail Sameer
- Climber Capital
- DBR Ventures
As per the owners, the funding amount will be used to establish the initial team and will be used towards the launch of the app.
GenWise Offerings:
There are a host of benefits attached to the membership. Lets have a loo
k at the few major ones:
- Digital Personal Assistant – This digital PA will be available 24*7. It will help with daily digital tasks like grocery shopping, travel bookings, digitally enabled payments and even networking through various social sites.
- Social personalized Festive Greetings – Our elders love to stay connected and find time to wish friends and family during various festivities. GenWise levels it up with personalized greetings that they can easily share through WhatsApp and be the rocking Grandparents of the family.
- Financial Aspect – The App will have a feature called risk free passbook. This feature is RBI compliant and claimed to be completely safe. Here the members can view their balances, spends and hence be financially independent and up-to-date, without having to visit the branch repeatedly.
- Medicine Reminder – The feature not just sets a reminder for the elders to take their medicine on time but also notifies a member of the family in case any medicine reminder has been skipped. This surely gives s great peace of mind for the youngers who have to stay away due to various reasons from their parents.
Geriatric Care – Stats:
As declared by the UN, year 2021-30 is a “Decade of Healthy Ageing”. As on 2023 India has a population of 138 million elders with 67 mn males and the 71 mn females. By 2050, this no. is expected to grow to 330 million as per LASI survey. According to an analysis by Deutsche Welle, Germany, India’s senior living market is roughly valued at $10.15billion. The Indian elderly care market is growing at around 7%. It is expected to be somewhere around $42.2billion by 2028. This entire segment includes elder-friendly products like diapers, dentures, walkers etc., jobs for retirees, travel and insurance, counselling and companionship services. Hence the geriatric care focusses on everything to do with elderly living and care.
GenWise Future:
Presently the market has few players, and the growth is slow. We have innovative start-ups like Senior talkies, Goodfellows, Portea, Elderease and others catering to various elder care needs. We still find the geriatric care segment largely untapped for the growing needs of Indian ageing population. GenWise has a great potential to bring about some major disruptions in the market.
