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Z47-backed GenWise lays off 20% of workforce

EntrackrEntrackr · 10m ago
Z47-backed GenWise lays off 20% of workforce
Medial

GenWise, an app-based online club for elders and senior citizens, has undergone layoffs across various departments, according to sources familiar with the matter who spoke to Entrackr. “The layoffs have impacted 20% (15-20 employees) of GenWise’s workforce across functions — including tech, marketing, product, design, business, and operations,” said one of the sources on condition of anonymity. “The decision came after several months in the market where they had actively engaged with potential partners (existing investors) to raise fresh funds. Unfortunately, they struggled to deliver on the traction and outcomes promised a year ago.” In June 2023, the Delhi-based startup secured $3.5 million in a seed funding round led by Z47 (formerly Matrix Partners India), with additional participation from DBR Ventures, Climber Capital, and angel investors such as Kunal Shah, Suhail Sameer, and Achal Mittal. GenWise, founded by former BharatPe executives Geetanshu Singla, Nehul Malhotra, and Rajat Jain, offers a platform where seniors can connect with new friends, join engaging daily activities, and receive emotional and mental support from trained counselors. The startup claims to have built a community of more than 2 million older adults. “GenWise’s costs increased sharply following the UPI rollout, creating an imbalance between user growth and operational spending. As a result, the company was forced to take swift cost-cutting measures, which led to the recent layoffs,” said another source. In November last year, GenWise introduced UPI payments on its app through a collaboration with Axis Bank. As per sources, GenWise ventured into the UPI space, hoping to boost MAUs through broader utility. "Their primary user base shows limited adoption of digital payments, and even after introducing UPI, the growth in monthly active users remained modest." The firm has plans to expand its offerings beyond payments and add relevant fintech solutions for the elderly. Queries sent to GenWise did not elicit response until publication of the story. In addition to GenWise, several other elder care startups, including SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and Goodfellows, are also operating in this space.

Peak XV leads $2.5 Mn round in Companion Labs

EntrackrEntrackr · 13d ago
Peak XV leads $2.5 Mn round in Companion Labs
Medial

Companion Labs, a consumer AI company building interactive, entertainment-led experiences for India’s vernacular and culturally diverse audiences, has raised $2.5 million in a seed funding round led by Peak XV’s Surge, along with participation from All In Capital, UntitledVC, DeVC, and other angel investors. The proceeds will be utilized to accelerate product development, invest in AI capabilities, and continue refining its product as it works toward product-market fit. Co-founded in early 2025 by Akshay Jhanwar and Ajit Pol, Companion Labs uses AI-powered characters and narratives to let users explore alternate lives, careers, and aspirations in deeply local contexts. The Bengaluru-based startup operates at the intersection of AI and entertainment, creating immersive, character-driven experiences that allow users to explore alternate lives, careers, and aspirations through AI-powered narratives. According to Companion Labs, it is building from the ground up for India, with experiences designed to reflect the linguistic, cultural, and social nuances of Tier 2, Tier 3, and Tier 4 audiences. The startup is focused on vernacular languages including Tamil, Telugu, Gujarati, Punjabi, Marathi, and Bengali, targeting a young, aspirational, and digitally native population. Over the long term, the company aims to define a new category of AI-native entertainment built specifically for India’s vernacular internet users.

Agetech startup Sukoon Unlimited raises pre-seed round

EntrackrEntrackr · 1y ago
Agetech startup Sukoon Unlimited raises pre-seed round
Medial

Sukoon Unlimited, an agetech startup and a community-driven platform for seniors, has raised $430K in its pre-seed round. This round saw notable investors like Anchorage Capital Partners (India), Vinay Jain, an oncologist and philanthropist, Manish Dureja, Rahul Dash, Prantik Mazumdar, Neeraj Sagar, and Sudhir Kamath. The proceeds will be used to enable Sukoon Unlimited to enhance its platform, scale its operations, and expand its community of seniors across India. Founded in 2024 by Vibha Singal, Sukoon Unlimited supports the mental, emotional, social, and physical well-being of seniors, providing a holistic solution that helps them rediscover joy and purpose in their daily lives. Sukoon Unlimited's innovative use of conversational AI ensures seniors have companionship and support around the clock, reinforcing their sense of belonging and relevance. The platform helps seniors mentor, support, and connect through counseling, events, and personalized assistance. Since its launch eight months ago, Sukoon Unlimited claims to have reached over 2,000 seniors across 250 cities globally, primarily through word of mouth and referrals.

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