India, Dec. 9 -- Z47-backed GenWise, the lifestyle app built for India's senior citizens, has shut down its operations.

The startup, which had a team of around 20 employees, has laid off most of its staff as part of the wind down, sources told Inc42. It reportedly had handed the pink slip to about 20% of its workforce back in May.

In a statement to Inc42, cofounder and CEO Nehul Malhotra said that the startup has "paused active operations as other strategic options emerged and are being evaluated for the company."

Malhotra did not share any further details on what these options pertain to. However, a person familiar with the matter told Inc42 that GenWisewas looking for a buyout option.

GenWise's closure highlights the challenges of b...