GreyLabs AI bags Rs 85 Cr to scale its voice AI platform for BFSI clients
GreyLabs AI plans to use its Series A fundraise to launch its Voice AI Agent Platform and expand R&D and sales teams as it bets big on autonomous voicebots for BFSI.
BFSI-focused AI startup GreyLabs AI has raised Rs 85 crore in its Series A round led by Elevation Capital, with participation from existing investor Z47 and several angel investors.
The fundraise marks a 3.3X valuation jump from its previous round, as the company expands its AI-powered contact centre platform for the banking and financial services industry (BFSI).
Founded in 2023 by Aman Goel and Harshita Srivastava, the Mumbai-based startup offers speech analytics solutions for BFSI clients, allowing them to audit and gather insights from customer interactions across sales, collections, and support.
The company plans to use its latest capital infusion to launch its new flagship Voice AI Agent Platform, strengthen its Bengaluru R&D centre, and expand sales and delivery teams in Delhi-NCR and Mumbai.
"The consumer insights and speech analytics product remains the core of our business. Most of our revenue still comes from there. Now, we’re building on that. Since we know what it takes to run a high-quality call centre, we can extend that to running an entire contact centre powered by AI," said Aman Goel, Co-founder at GreyLabs, in a conversation with YourStory.
The company currently counts over 50 BFSI clients, including RBL Bank, Motilal Oswal Financial Services, SBI Life Insurance, and Groww. It aims to grow its customer base to 100+ institutions and reach $1 million in annual recurring revenue for its Voice AI Agent product by March 2026.
“We have been spending time on Voice in BFSI for the last one year. And from our conversations with banks and other financial institutions it is evident that voice is going to play an outsized impact on how Financial Services are delivered. It is also evident that financial instituiton need a service provider that understands the nuances of the industry - compliance, data security, explainability and much more.
In this context, GreyLabs stood out to us as a company that understands both AI and BFSI deeply. This manifests in the nuances of their products, GTM and service delivery. This makes us feel that GreyLabs could be a category-creating company in this space,” said Vaas Bhaskar, Partner, Elevation Capital.
GreyLabs AI’s platform integrates speech analytics, real-time agent assistance, and multilingual voice AI, fine-tuned for India’s regulatory and compliance-heavy BFSI sector. Its models and data infrastructure are hosted entirely in India to comply with the Reserve Bank of India, the Securities and Exchange Board of India, and the Insurance Regulatory and Development Authority norms.
“As day-zero investors, we’ve been impressed by how quickly GreyLabs AI has gone from concept to category impact. They’ve earned the trust of banks and insurers where scale, compliance, and customer trust are non-negotiable. We’re proud to continue backing Aman and the team as they build the voice OS for India’s financial services industry," said Pranay Desai, Managing Director at Z47.
In June 2024, the speech analytics platform raised over $1.5 million in a seed round led by Z47, formerly Matrix Partners India.
The story was updated to add a quote
Edited by Kanishk Singh