Khyaal Raises $4.2 Million In Seed Funding Round, Co-Led By 62Ventures And Others

Updated on: 7 February 2024 7:43 pm

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Ola Takes Another Hit, Vanguard Slashes Its Valuation By 29% To $1.8 Billion Photo: This is the second time in two months when US-based Vanguard has slashed the valuation of the Bengaluru-based Ola which is preparing to go public

Senior citizen app Khyaal has raised $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.

Major existing investors, including Everywhere Ventures, Supermorpheus, and Unpopular Ventures also invested in this round, the company said in a statement.

The freshly raised funds will be instrumental in furthering the company’s mission of empowering seniors and expanding its reach across India. With the closure of its seed round, the company has so far raised a total of $5.4 million in funding.

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Founded in 2020 by Himanshu Jain and Pritish Nelleri, Khyaal is 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 is 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, the Khyaal Card, equipped with cybersecurity protection.

Commenting on the Company’s vision and fundraising, Himanshu Jain, founder, and CEO, Khyaal said, “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.”