Khyaal Raises USD 4.2 Million, Accelerating its Mission to Empower Senior Citizens

• ByStartupStory     |    February 6, 2024

Khyaal, India’s premier app for senior citizens, has successfully secured USD 4.2 million in a seed funding round, co-led by 62Ventures, SVQuad, and Inventus Capital. Distinguished entrepreneurs and investors, including Glen Tullman, Kanwal Rekhi, Raju Reddy, and Raj-Ann Gill, participated in this round, reaffirming their confidence in Khyaal’s vision. Notable existing investors, such as Everywhere Ventures, Supermorpheus, and Unpopular Ventures, also contributed, further strengthening their commitment to Khyaal. The freshly raised funds are pivotal in advancing Khyaal’s mission of empowering seniors and expanding its presence across India, bringing its total funding to $5.4 Million.

Founded in 2020 by Hemanshu Jain and Pritish Nelleri, Khyaal stands as a revolutionary app designed for senior citizens and their families. Going beyond conventional offerings, the app aims to create a community fostering physical, cognitive, emotional, and social well-being for the elderly. Key benefits include digital literacy training, engaging entertainment content, and games to alleviate loneliness. Moreover, Khyaal provides financial services tailored for seniors, featuring India’s first smart payment card for seniors, the Khyaal Card, equipped with cybersecurity protection. Seniors earn Khyaal Coins with every transaction, redeemable for exciting rewards within the Khyaal App.

The app offers on-demand assistance services, enabling seniors to effortlessly request services like booking cabs, travel arrangements, medical services, and bill payments from the comfort of their homes. Khyaal also provides curated travel plans to unique destinations, combining premium and budget-friendly options. The Memory Lane feature uses AI to infuse vibrant colors into nostalgic black-and-white photos of seniors.

Hemanshu Jain, Founder & CEO of Khyaal, expressed gratitude for the investors’ support, stating, “We are grateful for the support of our investors who share our mission and believe in the potential of Khyaal. With the infusion of funds, we are positioned to accelerate innovation, extend our reach, and create an even more profound impact in the lives of seniors.”

Glen Tullman, CEO of Transcarent, Co-Founder of 7wireVentures, and Principal at 62Ventures emphasized the importance of strong communities for senior populations, stating, “As populations around the world and in India age, and the next generation becomes more mobile, it’s important to provide strong communities that allow our senior populations to not simply survive but thrive in the next phase of their lives. Khyaal provides a comprehensive approach so that India’s elderly population has one place to go for everything they need to prosper.”

Kanwal Rekhi, Managing Director of Inventus Capital Partners and Managing Partner at SVQuad, highlighted Khyaal’s phenomenal growth and expressed excitement in backing a brand poised to engage, educate, and empower seniors. He stated, “Khyaal’s phenomenal growth in such a short period of time strongly validates its product market fit. We are excited to back a brand that is poised to engage, educate, and empower seniors. We look forward to being a part of Khyaal’s journey as it continues to redefine the agetech landscape, creating meaningful connections and enhancing the quality of life for senior citizens.”

Since its inception, the Khyaal app has effectively welcomed and engaged with a user base exceeding one million seniors. Khyaal’s expansion strategy focuses on strengthening its presence in current regions and strategically venturing into new markets, aiming not only for quantitative growth but also to create meaningful connections and enhance the quality of life for senior citizens across diverse communities.

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