Senior citizens-focused platform Khyaal has raised $4.2 million in a seed funding round co-led by 62Ventures, SVQuad and Inventus Capital along with participation from Glen Tullman, Kanwal Rekhi, Raju Reddy, Raj-Ann Gill, and its existing investors including Everywhere Ventures, Supermorpheus & Unpopular Ventures.
With the closure of its seed round, Khyaal has so far raised a total of $5.4 Million in funding. The fresh proceeds will be utilised to empower seniors and expand its reach across India, Khyaal said in a press release.
Co-founded in 2020 by Hemanshu Jain and Pritish Nelleri, Khyaal enables seniors above the age of 55 years to attend live workshops, participate in fun games, make safe payments, avail on-demand assistance, get the best offers, find curated travel packages, and enjoy many more benefits.
According to the Mumbai-based company, its platform also extends financial services tailored specifically for seniors, including a smart payment card, 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 claims to have 1 million users of its app. It competes with the likes of other players in this space like SeniorWorld, Get Setup, GoodFellows, Wisdom Circle and Genwise.