Speech synthesis AI firm ElevenLabs said India is its second-largest country by revenue on the enterprise side globally, as businesses increasingly move from pilots to full-scale deployments after seeing returns on investment (RoI).
“The growth that we’ve had (in India) over the past three years has been spectacular,” Carles Reina, who leads go-to-market at ElevenLabs and is also an angel investor, told Moneycontrol at the World Economic Forum (WEF) in Davos on November 21.
The WEF is scheduled between January 19-23, and will bring together nearly 3,000 leaders from over 130 countries, including 400 top political leaders and 850 CEOs.
Reina was detailing the company’s rapid revenue ramp-up since its first product launch in January 2023.
Enterprise adoption ‘skyrocketing’ in India
Reina said enterprise adoption is skyrocketing, specifically in India, and the broader shift is being driven by customer-facing AI agent use cases where companies are now signing full production contracts after testing the technology in earlier pilots.
The company’s revenue is now split evenly across enterprise and consumer segments.
“Our revenue composition is like today, like 50 percent is enterprise, the other 50 percent is on the B2C or prosumer side,” Reina explained.
Why India matters for voice AI
Reina said India’s relevance for ElevenLabs is also tied to how people communicate in the market.
“India is a fantastic example… it’s a very voice native market,” he said, pointing to how everything happens on WhatsApp and through voice notes.
ElevenLabs estimates it has a dominant position in AI voice globally.
“When you look at the usage, anything that is AI voice… we estimate that more than 90 percent of anything that is AI voice is produced by ElevenLabs,” Reina said.
From content creation to AI agents
ElevenLabs’ India play initially accelerated through content creation and dubbing across multiple languages, but Reina said the next wave of growth is increasingly coming from “Agentic” deployments.
“What we’re actually seeing a lot of like, use cases today is on the agentic side,” he said, citing customer support and call centre deployments in India, including work with companies such as CARS24 and Meesho, along with a wider set of banks and telecommunication companies in the country.
AI Voice Not a Bubble
Reina pushed back against fears that the AI voice space is heading into bubble territory, arguing that enterprise adoption is accelerating across multiple regions.
“We don’t see that,” he said, adding that enterprise traction is visible not just in India, but also in Latin America, parts of Europe and Southeast Asia.
Impact on BPOs, outsourcing
On the potential disruption to India’s BPO and outsourcing ecosystem, Reina said the impact so far is not matching worst-case predictions, with AI increasingly handling high-volume queries while human teams focus on more complex interactions.
“The disruption is actually not happening as much as people are expecting,” he said, adding that he does not expect massive terminations of contracts as a direct outcome of voice AI adoption.
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