Khyaal, an online app with a myriad of services focused around wellness of senior citizens in India, has raised an impressive $4.2Mn in its seed round, the startup announced in a press release. The round was led by Kanwal Rekhi’s Inventus Capital and SVQuad. Transcarent CEO Glen Tullman was also among the investors, along with existing ones including Everywhere Ventures, Supermorpheus, and Unpopular Ventures.
Even though India is a country of young demographic, with a median age of just 28.7 years, the country also has a sizeable ageing population. According to a UN Report ʼPDF), India has nearly 10.5% of its population in the 60+ yrs. category with the number increasing to 15% by 2036. And in a country where the population is over 140 crore, those absolute numbers are staggering. That presents an opportunity for dedicated elderly care startups, which have now started to come up across the country, even in Tier2/3 cities.
Khyaal, is one such startup. Founded in 2020 during peak-COVID, the online platform aims 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, one of the biggest drawdowns of age as per several global surveys, 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.
Khyaal, like many other similar ventures in the space, also offers on-demand assistance service, enabling seniors to request for services such as booking cabs, travel arrangements, medical services, and bill payments, with ease. 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.
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.”
Noted entrepreneur and investor Kanwal Rekhi, who invested in Khyaal’s current round, 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.”
Even before the seed round, Khyaal claims to have amassed sizeable traction. The startup says it has “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.