In a significant stride towards enhancing the lives of senior citizens in India, Khyaal, the country’s leading app tailored for seniors, has successfully raised $4.2 million in a seed funding round.
This investment, co-led by 62Ventures, SVQuad, and Inventus Capital, marks a pivotal moment for the company as it accelerates its mission to empower and support the elderly population across the nation.
About Khyaal: Revolutionizing Senior Care
Since its establishment in 2020, Khyaal has been at the forefront of revolutionizing senior care through its innovative app.
Unlike traditional offerings, Khyaal is more than just an application; it’s a community-driven platform aimed at promoting physical, cognitive, emotional, and social well-being among seniors and their families.
Key Features
Khyaal app stands out for its multifaceted approach to senior care, offering an array of features designed to enhance the quality of life for its users.
Digital Literacy Empowerment
At the core of the company’s mission is its commitment to empowering seniors in navigating the ever-evolving digital landscape with confidence.
Through comprehensive digital literacy training programs, seniors are equipped with the skills and knowledge necessary to harness the full potential of technology.
From mastering basic internet browsing to utilizing social media platforms and online communication tools, Khyaal ensures that seniors can stay connected with loved ones, access vital information, and engage meaningfully in the digital sphere.
Combatting Loneliness with Entertainment and Games
Recognizing the detrimental impact of social isolation and loneliness on seniors’ well-being, Khyaal goes beyond traditional caregiving solutions by offering a diverse range of engaging entertainment content and games.
Whether it’s streaming classic movies, enjoying virtual tours of cultural landmarks, or participating in multiplayer games, Khyaal provides seniors with endless opportunities for entertainment and social interaction.
By fostering a sense of connection and belonging, the app helps alleviate feelings of loneliness and isolation, promoting mental and emotional well-being.
Tailored Financial Services with the Khyaal Card
Khyaal recently introduced India’s first smart payment card exclusively designed for seniors – the Khyaal Card.
More than just a convenient payment solution, the card comes equipped with advanced cybersecurity protection measures, ensuring the safety and security of seniors’ financial transactions.
With seamless integration into the Khyaal app, seniors can easily manage their finances, track expenses, and make secure payments online and offline.
The Khyaal Card not only simplifies daily transactions but also provides peace of mind, empowering seniors to manage their finances independently and securely.
Empowering Seniors, One Feature at a Time
By combining digital literacy empowerment, entertainment, and tailored financial services, the app exemplifies a holistic approach to senior care.
With its innovative features and user-friendly interface, Khyaal empowers seniors to embrace technology, stay socially connected, and maintain financial independence, thereby enhancing their overall quality of life.
As a trailblazer in the age-tech industry, Khyaal continues to redefine the standards of senior care, setting a new precedent for compassionate and comprehensive support for elderly individuals across India.
On-Demand Assistance and Curated Travel Plans
Moreover, Khyaal’s on-demand assistance service allows seniors to effortlessly request various services, from booking cabs to medical appointments, all from the comfort of their homes.
The app even offers curated travel plans to unique destinations, ensuring safe and hassle-free experiences for seniors looking to explore the world.
Preserving Memories with “Memory Lane”
A particularly remarkable feature of the Khyaal app is “Memory Lane,” which utilizes AI to infuse vibrant colors into nostalgic black-and-white photos, preserving precious memories for seniors.
Vision of the Founders
The founders, Hemanshu Jain and Pritish Nelleri, gained invaluable insights from their interactions with the senior community, recognizing the prevalent challenges they faced, particularly regarding online transactions and digital security.
The fear of fraud and lack of digital literacy often deterred seniors from engaging in various online activities, from bill payments to accessing entertainment and educational content.
Motivated by the desire to address these concerns, they embarked on a mission to develop a solution that would empower seniors to transact online confidently and securely.
Their vision culminated in the creation of the Khyaal prepaid card, powered by Visa, providing seniors with a simple and secure means to conduct transactions both online and offline.
By offering a user-friendly interface and robust cybersecurity measures, the Khyaal card aims to alleviate the apprehensions surrounding digital transactions, enabling seniors to embrace the convenience of online services without fear.
Furthermore, Jain and Nelleri’s dedication to understanding the needs of the senior community led them to recognize the demand for senior-specific products and services.
In response, they forged partnerships with various solution providers, acting as responsible aggregators to curate offerings tailored to seniors’ requirements.
This approach ensures that seniors have access to high-quality products and services that cater to their unique needs, enhancing their overall quality of life.
In addition to addressing individual needs, Jain and Nelleri are committed to fostering familial support for elderly loved ones.
By facilitating communication and coordination between families and seniors, Khyaal’s solutions aim to promote a holistic approach to elder care, enabling seniors to age gracefully while maintaining their independence and dignity.
Through their visionary leadership and unwavering dedication to the well-being of seniors, Jain and Nelleri are shaping the future of age-tech, empowering seniors to lead fulfilling and enriched lives in the digital age.
“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.” – Hemanshu Jain, CEO, and Founder of Khyaal
Investor Perspectives
Glen Tullman, CEO of Transcarent and Co-Founder of 7wireVentures, highlighted the importance of providing strong communities for aging populations, praising Khyaal’s comprehensive approach to senior care.
“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.”
– Glen Tullman, CEO of Transcarent and Co-Founder of 7wireVentures.
Kanwal Rekhi, Managing Director of Inventus Capital Partners, and Managing Partner at SVQuad, commended Khyaal’s phenomenal growth and product-market fit, expressing excitement about the startup’s potential to redefine the age-tech landscape.
“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.”
– Kanwal Rekhi, Managing Director of Inventus Capital Partners, and Managing Partner at SVQuad.
Future Goals
With a user base exceeding one million seniors since its inception, Khyaal’s expansion strategy focuses on strengthening its presence in existing regions while strategically venturing into new markets.
Ultimately, Khyaal aims not only to achieve quantitative growth but also to foster meaningful connections and enhance the quality of life for senior citizens across diverse communities.
