I am very excited to present the opportunity to invest in this phenomenal company. Khyaal is building the financial future for the senior citizens of India, disrupting a large untapped market. Her is why I believe Khyaal is poised to win:
→ Deep Pain-Point: The elderly community is faced with a lot of inherent challenges owing to ageing. Cognitive decline, dependency on children, digital adoption, lack of a peer community and many related factors make it extremely difficult for senior citizens to live a fulfilling life. As we enter the dawn of a tech-led virtual world, these problems rise by multiple orders in magnitude. This results in a deep pain-point awaiting to be solved. Someone ought to build tailor made solutions to simplify & add value to the lives of the elderly. Our dearest hope is that Khyaal shall be the one to achieve it, in the fastest and best possible manner.
→ Founding Team: Khyaal is started by a stellar founding team of serial entrepreneurs (2x Founders) who have built & exited companies in the past. Hemanshu built and sold his last company (Diabeto to Livongo) in the healthcare market and lead Livongo India before starting Khyaal, while Pritish built Nellerism and produced the well-renowned show Backbenchers in his life before Khyaal. The complimentary traits that Hemanshu & Pritish have to offer along with their combined experience of building companies, makes for one of the best founding teams I have come across. (To read more about the team, jump to → Team)
→ Large Market Opportunity: India will have over 300 Million senior citizens by 2050 with an average life longevity of 75.9 years, being served by financial products that are not built for their usage. This figures testify to the fact that while we may have the highest youth population today, as a country, we are getting older. Further, there are over 31 Million+ Non-Resident Indians, living abroad with dependent families in India. And these are numbers only restricted to our country, while the same may not be true for the problems that exist. Thus, this presents perhaps one of the largest untapped market opportunities of the future.
<aside> ❗ Problem
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Ageing challenges & Dependency woes
As people age, their cognitive abilities decline resulting in a challenging life experience. They also start becoming largely dependent on their related younger ones for financial as well as other related aspects. This ageing and dependency causes a magnified problem of an unstable livelihood, which needs immediate solving.
Lack of digital adoption & Awareness
Technology connects us all, yet it has not reached the elderly in its full-fledged form. There is an evident gap of tech adoption with senior citizens, especially in India. This gap leads to an exclusion from a variety of lifestyle aspects leading to lower utility during the day to day tasks. To keep up with such dynamic times, adoption ought to rise rapidly and penetrate the senior citizen population soon.
Financial systems & processes are not custom made
Todays banking and financial systems are largely driven by tech products which are not suitable for use or led by offline infrastructure, which is too cumbersome in & of itself. This leads to a sub-par experience for the elderly, which leads to a lack of optimal financial utility. This causes a major problem as senior citizens are unable to financially navigate the world, which is a pain-point that needs rapid disruption.
<aside> 🚀 Solution
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Khyaal is helping seniors to avoid mis-steps with money & help them along with their families to judicially utilise funds to further facilitate care & wellbeing by innovating with the following products & services.
→ Khyaal card for solving digital banking problems. This can also be charged by their kids. In the app they can set up the auto bill payments, create shopping lists for them and enable the payments. This app will be available to both parents and kids so they can manage their work in a seamless way using the marketplace. This is a very important aspect when kids don’t stay with their parents. This problem gets compounded when kids are out of India and they don’t have access to UPI etc.