Khyaal, a startup supported by Titan Capital, concentrating on services for senior citizens, raised $4.2 million in funding. The funding round was co-led by 62 Ventures, SVQuad, and Inventus Capital Partners, an early-stage venture capital firm. Inventus Capital Partners has previously backed companies such as Policybazaar and Healthify.
The raised funds will be utilized to solidify the company’s position in existing regions, expand market reach, and explore new markets.
“We are seeing a lot of new people joining from places like Kerala, Coimbatore and so on. We want to also come out and have regional language options on the app,” founder and chief executive of Khyaal, Hemanshu Jain, said.
Founded in 2020 by Jain, Pritish Nelleri, and Alok Soni, Khyaal offers various services to individuals aged 55 and above. These services encompass digital literacy training, entertainment content, games, senior-focused financial services, and on-demand assistance services, such as cab bookings, medical services, and bill payments. The platform also provides post-retirement job opportunities and travel packages customized for seniors. It’s noteworthy that Alok Soni is no longer associated with the startup.
“The idea is to recreate the entire physical clubs format, but through an app and deliver it to seniors at the convenience of their homes,” said Jain. The app asserts a user base exceeding 1 million seniors, with payment card and travel emerging as the most popular categories.
Jain says that loneliness is more pronounced in tier-I and tier-II cities than in rural areas, and the primary demand originates from these urban centers. He emphasizes the significance of word of mouth, revealing that 75% of the platform’s users are organic, highlighting its crucial role in seniors’ lives.
Khyaal generates revenue through diverse streams, such as the Rs 999 annual membership, travel packages catering to around 30 people per trip, and additional products and services offered through partnerships with companies like Tata Digital-owned epharmacy platform 1mg.
The company is currently achieving an annual revenue of approximately $200,000. “We would, of course, want to scale it up to at least a million dollars in revenue in the next one year or so,” Jain added.
Commenting on the investment, Glen Tullman, principal at 62 Ventures, 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. Khyaal provides a comprehensive approach so that India’s elderly population has one place to go for everything they need to prosper.”