The funding was co-led by 62Ventures, SVQuad, and Inventus Capital
The freshly raised funds will help Khyaal advance its mission of empowering seniors and broaden its reach across India
The startup has raised a total of $5.4 Mn in funding, so far
Khyaal, an app for senior citizens, has raised seed funding of $4.2 Mn (INR 34.8 Cr) co-led by 62Ventures, SVQuad and Inventus Capital.
The round also saw participation from entrepreneurs and investors including Glen Tullman, Kanwal Rekhi, Raju Reddy and Raj-Ann Gill, with participation from existing backers like Everywhere Ventures, Supermorpheus and Unpopular Ventures.
The startup plans to use the fresh funds to step up its mission of empowering seniors and expand its footprint.
With the latest round, Khyaal has raised $5.4 Mn (INR 44.8 Cr) in total funding till date.
Founded by Hemanshu Jain and Pritish Nelleri in 2020, Khyaal is an app designed for senior citizens and their families. The app aims to create a community that supports the well-being of the elderly in various aspects, including physical, cognitive, emotional and social aspects. Key benefits include digital literacy training to help seniors navigate the digital world confidently. It further provides engaging entertainment content and games.
The platform also offers financial services tailored for seniors, including a smart payment card for seniors, Khyaal Card, with cybersecurity protection. The Khyaal Card allows seniors to earn Khyaal Coins for every transaction, which can be redeemed for rewards within the Khyaal App. The app features an on-demand assistance service, enabling seniors to easily request services such as booking cabs, travel arrangements, medical services, and bill payments from the comfort of their homes through the Khyaal app.
“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,” Jain said.
Kanwal Rekhi, managing director of Inventus Capital Partners and managing partner at SVQuad said, “Khyaal’s phenomenal growth in such a short period strongly validates its product market fit. We are excited to back a brand that is poised to engage, educate, and empower seniors.”
Platforms like Khyaal have been gaining traction from a lot of investors for quite some time now.
For instance, in August last year, elder care platform Age Care Labs raised $11 Mn from fintech unicorn Zerodha’s investment arm Rainmatter Capital and Gruhas in a pre-Series B round.
In another development, former BharatPe executives Nehul Malhotra, Rajat Jain, and Geetanshu Singla launched GenWise, an app aimed at making digital solutions more inclusive for the elderly. The initiative addresses the gap in the market, as most digital startups focus on Gen Z and millennials, leaving a limited number catering to the elderly with internet and new-age tech solutions.
Additionally, startups like Ratan Tata-backed Goodfellows, providing companionship services, and GetSetUp, an upskilling platform for older adults, have gained attention. Over time, more adults in the 55-plus age group are likely to adopt technology to improve daily activities and address loneliness.
As per a GreyViews study, India’s elderly care services market size was valued at $0.06 Bn in 2022 and is expected to reach $0.10 Bn by 2030 at a CAGR of 7.8% from 2023 to 2030.
