GreyLabs AI Nets INR 85 Cr To Automate Customer Care Centres

SUMMARY

The startup plans to utilise the funding to ramp up its tech stack, add more customers to its kitty, expand footprint, and enhance on-ground client support

Founded in 2023, GreyLabs AI primarily caters to BFSI companies with its product suite, which includes AI voice agents and speech analytics

Going forward, the company is looking to increase its customer base to 300 and open new regional offices

GenAI startup GreyLabs AI has raised INR 85 Cr (nearly $10 Mn) in its Series A round led by Elevation Capital. The round also saw participation from existing backer Z47 (formerly Matrix Partners India) and other undisclosed angel investors.

In a statement, the startup said that the funding will be deployed to ramp up its tech stack, add more customers to its kitty, expand footprint, and enhance on-ground client support.

This comes three months after Inc42 exclusively reported that the Mumbai-based startup was raising around $10 Mn from Elevation Capital, Z47 and other backers.

Founded in 2023 by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak and Shreyas Patel, GreyLabs AI helps financial institutions automate contact center (customer care) operations. Its AI-powered product suite includes offerings such as agentic voice agents and speech analytics, which help clients extract insights and streamline quality assurance processes.

This comes more than a year after GreyLabs AI bagged $1.5 Mn in its Seed round from Matrix Partners India, and angel investors such as MoEngage founder Narasimha Reddy, Uni Cards founder Nitin Gupta, Scapia founder Anil Goteti, among others.

The company claims to cater to more than 50 banking, financial services, and insurance (BFSI) companies including names such as RBL Bank, AU Bank, IDFC FIRST Bank, Groww, Axis Finance, among others. Going forward, the company is looking to increase its customer base to 300 and open new regional offices.

The fundraise comes at a time when AI continues to be the flavour of the season. Buoyed by use-cases across sectors and the allure of efficiency, more and more businesses are adopting the technology to automate operations.

As a result, investors are making a beeline for the space. In August, former Kae Capital partner Natasha Malpani launched a new fund, with a corpus of INR 200 Cr, to back 20-30 AI-native startups.

Last month, BFSI-focussed AI startup OnFinance also bagged $4.2 Mn in its pre-Series A round led by Peak XV’s Surge. Prior to this, AI-powered SaaS startup Scalekit also secured $5.5 Mn as part of its seed round co-led by Together Fund and Z47.

In the same month, another fintech-focussed AI startup Pascal AI Labs raised $3.1 Mn in its seed round led by Kalaari Capital.

At the heart of all this is the growing Indian GenAI ecosystem, which is projected to become a $17 Bn opportunity by 2030.