GreyLabs AI, an AI startup focused on the banking and finance sector, has raised INR 85 crore (about $10 million) in its Series A funding round. The round was led by Elevation Capital, with participation from existing investor Z47 (formerly Matrix Partners India) and some unnamed angel investors.
The company stated that it will utilize the funds to enhance its technology, attract new customers, expand its reach, and provide improved support to clients on the ground.
In June 2024, the speech analytics platform raised over $1.5 million in a seed funding round led by Z47 (formerly Matrix Partners India).
“The consumer insights and speech analytics product remains the core of our business. Most of our revenue still comes from there. Now, we’re building on that. Since we know what it takes to run a high-quality call centre, we can extend that to running an entire contact centre powered by AI,” said Aman Goel, Co-founder at GreyLabs.
“As day-zero investors, we’ve been impressed by how quickly GreyLabs AI has gone from concept to category impact. They’ve earned the trust of banks and insurers where scale, compliance, and customer trust are non-negotiable. We’re proud to continue backing Aman and the team as they build the voice OS for India’s financial services industry,” said Pranay Desai, Managing Director at Z47.
GreyLabs AI was founded in 2023 by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel in Mumbai.
The company helps banks and other financial institutions automate their contact center operations using its AI-powered tools.
GreyLabs AI offers AI voice agents and speech analytics tools that help companies get useful insights and improve their quality checks.
The company currently works with over 50 clients in the banking and finance sector, including RBL Bank, AU Bank, IDFC FIRST Bank, Groww, and Axis Finance. It now plans to grow its customer base to 300 and open new regional offices.
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