SUMMARY
IAN’s Uday Chatterjee, Romesh Sobti, Sri Prakash, and Hari Balasubramanian led the round from IAN’s side and invested INR 3.75 Cr in the startup
Adya.ai plans to use the capital to scale up its tech stack, strengthen market presence and accelerate the development of AI-powered products
Founded by Shayak Mazumder, Archana Mazumder and Angad Singh Ahluwalia, Adya.ai offers an end-to-end solution for enterprises to create their own apps on ONDC
Enterprise tech startup Adya.ai has raised INR 10.5 Cr ($1.2 Mn) in its pre-Series A funding round led by Indian Angel Network (IAN). The round also saw participation from undisclosed ‘strategic’ investors.’
IAN invested INR 3.75 Cr in the startup. From the angel network, Uday Chatterjee, Romesh Sobti, Sri Prakash, and Hari Balasubramanian participated in the round.
Adya.ai plans to use the capital to scale up its tech stack, strengthen market presence and accelerate the development of AI-powered products.
Founded in May 2023 by Shayak Mazumder, Archana Mazumder and Angad Singh Ahluwalia, Adya.ai is one of the technology service partners for ONDC. The platform offers an end-to-end solution for enterprises to create their own apps on ONDC, build customised design and user experience, manage access controls, among others.
The startup’s suite of tools (including buyer and seller-side apps) and a technology marketplace enable quick adoption of ONDC and ensure seamless integration into existing ecosystems.
Adya.ai caters to sectors such as retail, mobility, logistics, credit, insurance, and finance. It has partnered with big names such as Canara Bank, Aditya Birla Financial, and Hindustan Unilever so far.
Commenting on the fundraise, Adya.ai cofounder and chief executive officer (CEO) Shayak Mazumder said, “ONDC stands as a testament to India’s digital prowess, following the impactful implementation of the UPI and Aadhaar. We aim to use technological expertise to foster a digital ecosystem that is not only inclusive but truly transformative for India’s economy.”
Chiming in, IAN cofounder Padmaja Ruparel said, “Adya.ai has demonstrated exceptional capabilities in the field of AI. We are impressed with their vision, leadership, and the impact their solutions are making. IAN is proud to lead this funding round, and we look forward to supporting Adya.ai on their journey towards greater success.”
Increasing internet penetration, smartphone usage, and changing consumer preferences have fueled rapid growth in the Indian ecommerce sector over the last few years. On the back of this, the likes of Flipkart, Amazon and Meesho have made inroads in the country’s ecommerce market and are clocking hundreds of crores in gross merchandise volume (GMV) every year.
Amidst this, the government’s ONDC initiative aims to break the silos in which the Indian ecommerce landscape operates by promoting interoperability and enhancing efficiency.
As a result, ONDC has spawned a host of new startups to help small businesses and enterprises join the network and streamline the onboarding process.
The funding round comes at a time when the ongoing funding winter has hit the ecommerce sector as well as the broader Indian startup ecosystem hard. As per Inc42 data, funding raised by Indian ecommerce startups tanked 32% year-on-year (YoY) to $2.6 Bn in 2023. However, the space also saw 5 mega deals (rounds in excess of $100 Mn), pointing to the huge potential of ecommerce in India.
As per Inc42, the homegrown ecommerce space is projected to become a $400 Bn market opportunity by 2030.
