Arrowhead, a voice AI startup that creates human-like sales agents for financial services, has raised $3 million in a seed funding round led by Stellaris Venture Partners.
The round also included angel investors like Kunal Shah (founder of CRED), Madhusudanan R (founder of M2P), and senior fintech leaders Keyur Rajiv Kashikar (Turtlemint), Pramod Mohandas (Kissht), and Shadab Shamim (Kissht).
Arrowhead will use the funding to improve its AI models, expand its tech and marketing teams, and boost sales with financial services companies.
“Our bot has been able to achieve up to 45% higher conversion than human agents, and we’ve seen companies replace their human teams entirely with our bots,” cofounder and chief executive Devyani Gupta said.
“We believe that through verticalisation, you can create a much stronger and higher converting bot because you’re much more focussed from a product perspective,” said Gupta.
“We’re focussed on India because we’ve been very impressed by the speed at which India is moving to adopt this technology. But by this year itself, we are expanding much more into global markets as well. This would include the Middle East and other parts of Asia,” she added.
Vardhan Dharnidharka, principal at Stellaris Venture Partners said, “Voice AI for the financial sector in India alone represents a $3 billion market, with less than $50 million penetrated so far, highlighting how early we still are in this transition. What’s particularly striking is the speed at which banks and financial institutions are now adopting voice AI, driven by top-down, organisation-wide AI mandates.”
Arrowhead was founded in 2023 by Devyani Gupta and Vengadanathan Srinivasan in Bengaluru. The company helps banks, NBFCs, and fintech firms in India and other countries use voice AI bots to replicate the best practices of their top sales agents at scale.
Arrowhead’s AI calling agents handle tasks like loan sales, collections, renewals, and insurance sales. This allows businesses to reach more customers, have better conversations, and improve connection and conversion rates.
The company works in India and Southeast Asia and serves over 50 clients across different BFSI (Banking, Financial Services, and Insurance) use cases.
Some of Arrowhead’s BFSI clients include Bank of Baroda Cards, Aditya Birla Capital, Paytm, Kissht, Equentis, TurtleMint, insurancedekho, and Mudra Fincorp. They also work with non-BFSI companies like Tata 1mg and upGrad.
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