Quick Take
- GreyLabs AI secures ₹85 crore Series A funding led by Elevation Capital
- Mumbai startup targets 300 BFSI clients, up from current 50 including RBL Bank
- Voice AI platform automates customer service across banking and insurance
- Expansion includes new offices in Bengaluru and Delhi for regional growth
- India’s GenAI sector projected to reach $17 billion valuation by 2030
Mumbai-based generative AI startup GreyLabs AI has raised ₹85 crore (approximately $10 million) in Series A funding to accelerate growth of its voice AI solutions across India’s Banking, Financial Services, and Insurance sector. Elevation Capital led the funding round, with participation from existing investor Z47 and angel investors.
The company was founded in 2023 by entrepreneurs Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel. GreyLabs develops autonomous voice agents that handle customer interactions with what the company describes as “AI efficiency and human empathy.”
Scaling From 50 to 300 BFSI Clients
The startup currently works with over 50 financial institutions, including RBL Bank, AU Bank, and investment platform Groww. The fresh capital will help GreyLabs expand its client base to 300 companies while setting up new regional offices in Bengaluru and Delhi.
“Voice is the most natural interface, and we aim to make these conversations fast, intelligent, and scalable,” said co-founder and CEO Aman Goel. The company’s Voice AI Agent platform enables multilingual conversations for sales and customer service operations, addressing traditional pain points like long wait times and communication gaps.
Automating India’s Traditional Banking Operations
GreyLabs is entering a sector that has historically relied on manual processes, where voice agents can streamline customer interactions and reduce operational bottlenecks. The platform combines speech analytics with autonomous conversation capabilities, targeting common issues like tele-sales miscommunication and inadequate problem resolution.
The funding comes three months after reports of GreyLabs’ fundraising efforts to refine its technology stack and expand market reach. Z47 Managing Director Pranay Desai highlighted the startup’s execution capabilities:
“GreyLabs AI’s powerful execution and trust built with leading financial institutions position them as a formidable entity in this evolving space.”
Competing in India’s Growing GenAI Market
GreyLabs operates alongside established players like Observe.AI and Uniphore in the conversational AI space. The company sets itself apart through comprehensive speech analytics and sector-specific automation tools designed for BFSI requirements.
India’s generative AI sector is experiencing rapid growth, with projections indicating the market could reach $17 billion valuation by 2030. This trajectory provides GreyLabs with significant expansion opportunities as financial institutions increasingly adopt AI-driven customer service solutions.
The Series A funding represents GreyLabs’ strategic positioning to capture this market momentum while building the technological infrastructure necessary to lead BFSI sector automation across India’s diverse regional markets.
