Loneliness and social isolation among older adults have emerged as urgent public health challenges, with significant physical, emotional, and economic consequences. In response, this study explores whether emotionally intelligent AI agents can support older adults through sustained, meaningful interactions. We present Seva, a voice-based, GenAI-powered conversational companion designed to reduce loneliness by simulating empathetic, personalized dialogue. The study follows the Elaborated Action Design Research (EADR) methodology, progressing through diagnosis, design, implementation, and evolution phases. This informed the development of a mobile-based app integrating large language models, voice recognition, and personalization modules. Early findings suggest that features such as empathetic tone and memory-aware responses were positively received. This research contributes to the ongoing discourse on AI-enabled companionship and provides early-stage insights into the development of emotionally attuned conversational agents for aging populations.