| |OCTOBER 20258TECH MINTGreyLabs AI, a voice AI solutions startup from Mumbai targeting the banking and financial services industry (BFSI), has secured 85 crore in a Series A funding round spearheaded by Elevation Capital. The round also included involvement from current investor Z47 and numerous angel investors.The funding will be utilized to grow the company's recently introduced Agentic Voice AI platform and enhance its footprint in Bengaluru and Delhi. GreyLabs AI plans to expand from its current 50 financial institutions to 300 clients while handling customer interactions."Currently, we collaborate with approximately 50 leading BFSI clients." We are deeply involved in the field. "Our speech-to-text and language model are highly optimized for financial services. With this investment, we are entering the realm of autonomous voice AI agents," cofounder and CEO Aman Goel says.Established by Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, GreyLabs develops AI-driven autonomous voice agents aimed at helping financial institutions streamline their contact center operations.Goel also co-established Cogno AI, a startup aimed at en-terprises that focused on creating AI-powered communication solutions customized for large companies, providing omni-channel chatbots, live agent chats, co-browsing, and video calls to improve customer experience.Exotel, a provider of cloud telephony services, purchased the startup in November 2021.The organization's Voice AI agents are engineered to man-age applications in sales, customer support, collections, renew-als, and PIVC, among other areas, with multilingual abilities.Within 18 months of its launch, GreyLabs AI asserts that it has handled hundreds of millions of conversations for more than 50 BFSI clients, such as RBL Bank, AU Bank, IDFC FIRST Bank, Axis Finance, Motilal Oswal Financial Services, Fibe, SBI Life Insurance, Piramal Finance, ICICI Prudential Life Insurance, and Groww."From the very start, our goal has been to rethink the way dialogues occur in BFSI," Goel stated. "Voice is the most intuitive interface for consumers, yet there has been minimal advancement in this area." Our goal was to enhance conversations by making them quicker, smarter, and more scalable, all while ensuring compliance and demonstrating empathy.Vaas Bhaskar, a partner at Elevation Capital, remarked, "In the last year, we've witnessed GreyLabs AI evolve from an ambitious concept to a product already producing quantifiable results for major entities in the BFSI sector". The government-owned telecom firm Bharat Sanchar Nigam Lim-ited (BSNL) plans to enhance all its 4G towers to 5G in the coming six to eight months, stated Union Minister for Tele-communications Jyotiraditya Scindia.During the fourth edition of the Kautilya Economic Conclave, Scindia mentioned that the 92,500 BSNL 4G towers activated on September 27 were constructed using entirely indigenously developed hardware and software."When BSNL embarked on the journey of implementing 4G, a tough choice had to be made." The simpler option was to purchase gear from international suppliers; the harder choice was to create our own 4G technology. "In 22 months, we created our own core software and our own radio access network (RAN)," Scindia stated.The government-owned telecom compa-ny, which marked 25 years of operation on October 1, has realized an operating profit of Rs 5,000 crore in the current fiscal year, in-creasing from 2,300 crore the year before, as stated by Scindia previously.The subscriber count increased from 8.7 crore to 9.1 crore, reaching almost 22 million individuals nationwide, he mentioned.The government is creating a digital consumer charter to set boundaries and protections for the application of artificial intelligence (AI), including ethics, fairness, and inclusion principles, the minister stated."India is set to become one of the leading five AI countries globally. Chaotic periods, as we all understand, will arise and pass. What remains unchanging is India's intelligence, along with her ability for knowledge, innovation, and resilience," Scindia stated.He mentioned that India is more than simply another location in a time of instability and turmoil.Scindia stated that for individuals aiming for success during challenging times, they should explore, act, and invest in India.GREYLABS AI SECURES 85 CRORE IN SERIES A FUNDING ROUNDBSNL TO UPGRADE 4G TOWERS TO 5G WITHIN 8 MONTHS
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