Voice technology startup GreyLabs AI has raised Rs 85 crore in a Series A funding round led by Elevation Capital, with participation from existing investor Z47 and several angel investors. The funding coincides with the launch of the company’s flagship agentic voice AI platform, built to automate and humanise customer interactions across India’s banking, financial services, and insurance (BFSI) sector.
Founded in 2023 by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, GreyLabs AI enables banks, insurers, and NBFCs to automate large-scale conversations while ensuring compliance with regulatory norms. Its unified automation stack combines voice AI, speech analytics, and email intelligence to enhance efficiency and provide actionable insights across customer touchpoints.
The fresh capital will be deployed to expand teams, strengthen research and development, and scale operations across Bengaluru and Delhi. The company aims to serve over 300 BFSI clients and manage billions of monthly interactions as it broadens its footprint. GreyLabs had previously raised $1.5 million in seed funding from Matrix Partners India in June last year.
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The founding team brings deep domain expertise, having earlier built Cogno AI, a conversational platform for financial institutions that was acquired by Exotel in 2021. In just 18 months, GreyLabs has scaled to serve more than 50 BFSI clients, processing hundreds of millions of customer conversations for major institutions including RBL Bank, AU Small Finance Bank, Axis Finance, Fibe, IDFC FIRST Bank, SBI Life Insurance, Piramal Finance, ICICI Prudential Life Insurance, Motilal Oswal Financial Services, and Groww.
GreyLabs’ next-generation voice AI agents handle sales, service, collections, renewals, and verification calls in multiple Indian languages, aligning with the sector’s need for multilingual, compliant, and scalable automation. The company operates in a competitive segment that includes players such as Uniphore, Mihup, Contiinex, and Reverie.
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Industry experts note that the surge in demand for AI-driven communication tools reflects a broader trend across India’s BFSI landscape, where financial institutions are investing heavily in automation to improve efficiency and customer engagement while meeting tightening regulatory expectations. GreyLabs’ latest funding and technology launch underscore its ambition to become a leading AI partner for India’s financial ecosystem.
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