GreyLabs AI, a voice AI solutions startup from Mumbai targeting the banking and financial services industry (BFSI), has secured Rs 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 enterprises that focused on creating AI-powered communication solutions customized for large companies, providing omnichannel 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 manage applications in sales, customer support, collections, renewals, and PIVC, among other areas, with multilingual abilities.

Also Read: Smart Home Gadgets that Can Permeate Comfort and Connection in Your Space

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.

Also Read: Jack Dorsey's BitChat Could be Signaling a New Shift in Messaging Paradigms

"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.

Also Read: Semicon India 2025: Designing A Self-Reliant Semiconductor Hub

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.”