Indian founders should embrace AI for business growth: Elevation Capital's Mukul Arora

There's an emerging opportunity for Indian founders to utilise AI in their businesses, in areas such as piloting, coding and content creation, for their growth, said Mukul Arora, Co-managing Partner, Elevation Capital.

"AI is being implemented in many of our portfolios today. There is a spectrum where people are increasingly adopting AI to streamline hiring processes. AI can help create agendas, making it easier for teachers to stay organised," he said, during an interaction with YourStory Founder and CEO Shradha Sharma at TechSparks 2023 in Delhi. 

Generative AI is still expensive, despite the recent OpenAI event cutting costs by 1/3, he said. When it comes to Elevation's portfolio companies, which produce AI, replacing the customer support agent is still expensive, he said.

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"The cost of AI is expected to decrease, but it remains expensive even by business standards. There is an opportunity to develop generic or universal models that can be specific vertically on cost by order, leading to massive adoption in India," said Arora.

In the SaaS era, Indian startups should be ahead of the curve in building GenAI native SaaS applications, similar to how we build software for the world, he added.