With over 1 million registered users, Khyaal is the leader in India’s AgeTech landscape
MUMBAI, India, Feb. 12, 2024 — Khyaal, India’s number one app for senior citizens, has raised USD 4.2 million in a seed funding round. The round was co-led by 62Ventures, SVQuad, and Inventus Capital. Glen Tullman, Kanwal Rekhi, Raju Reddy, and Raj-Ann Gill, were among the distinguished entrepreneurs and investors who participated in this round. Notable existing investors, including Everywhere Ventures, Supermorpheus, and Unpopular Ventures also invested in this round, bolstering their support to Khyaal. The freshly raised funds will be instrumental in furthering Khyaal’s mission of empowering seniors and expanding its reach across India. With the closure of its seed round, Khyaal has so far raised a total of $5.4 Million in funding.
Founded in 2020 by Hemanshu Jain and Pritish Nelleri, Khyaal is a revolutionary app designed for senior citizens and their family members. The app goes beyond conventional offerings, aiming to create a community that fosters physical, cognitive, emotional, and social well-being for the elderly. Among its key benefits are digital literacy training, empowering seniors to confidently navigate the digital world. To alleviate loneliness, Khyaal offers engaging entertainment content and games. Additionally, the platform extends financial services tailored specifically for seniors, including India’s first smart payment card for seniors, Khyaal Card, equipped with cybersecurity protection. Every transaction made using the Khyaal Card earns seniors Khyaal Coins, which can be used to claim exciting rewards within the Khyaal App. An invaluable feature of the app is its on-demand assistance service, enabling seniors to effortlessly request for services such as booking cabs, travel arrangements, medical services, and bill payments – all from the comfort of their homes through the Khyaal app. The app also provides curated travel plans to unique destinations that are not only premium but also budget-friendly, allowing seniors to explore their wanderlust and create cherished memories, new relationships, and friendships through hassle-free, carefully curated, and safe travel experiences. Additionally, the app also has an interesting feature, Memory Lane, which leverages the power of AI to infuse vibrant colours into the nostalgic black-and-white photos of seniors.
Commenting on the Company’s vision and fundraise, Hemanshu Jain, Founder & CEO, Khyaal, said, “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.”
Speaking on their investment in Khyaal, Glen Tullman, CEO of Transcarent, Co-Founder of 7wireVentures, and Principal at 62Ventures, said, “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.”
Further commenting on their investment in Khyaal, Kanwal Rekhi, Managing Director of Inventus Capital Partners and Managing Partner at SVQuad, said, “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 the senior citizens.”
Since its inception, the Khyaal app has effectively welcomed and engaged with a user base exceeding one million seniors. The expansion strategy of Khyaal revolves around strengthening its presence in current regions and strategically venturing into new markets. The startup aims not only for quantitative growth but also to create meaningful connections and enhance the quality of life for senior citizens across diverse communities.
To learn more about Khyaal, please visit www.khyaal.com
Media Contact:
Yash Shivhare
[email protected]
Photo: https://mma.prnewswire.com/media/2338550/Khyaal.jpg
SOURCE Khyaal
