Services for senior citizens startup Khyaal has raised $4.2 million in a funding round co-led by 62 Ventures, SVQuad and early-stage venture capital firm Inventus Capital Partners, which has earlier backed firms like Policybazaar and Healthify.
The round also saw participation from existing investors including Everywhere Ventures, Supermorpheus and Unpopular Ventures.
The funds will be used to strengthen the company’s foothold in its current regions, enhance market penetration and explore new markets.
Founded in 2020 by Hemanshu Jain and Pritish Nelleri, Khyaal provides a range of services to seniors aged 55 and above, including digital literacy training, entertainment content, games, financial services tailored for seniors, and on-demand assistance services like cab bookings, medical services and bill payments. It also has post-retirement job opportunities and travel packages for seniors.
“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,” said Jain, Founder & CEO, Khyaal.
Kanwal Rekhi, managing director of Inventus Capital Partners and managing partner at SVQuad said, “Khyaal’s phenomenal growth in such a short period strongly validates its product market fit. We are excited to back a brand that is poised to engage, educate, and empower seniors.”
Platforms like Khyaal have been gaining traction from a lot of investors for quite some time now.
In August last year, elder care platform Age Care Labs raised $11 million from fintech unicorn Zerodha’s investment arm Rainmatter Capital and Gruhas in a pre-Series B round.