GreyLabs AI raises Rs 85 crore in Series A funding led by Elevation Capital

Funding

GreyLabs AI, a Mumbai-based voice AI solutions startup focused on the banking and financial services sector (BFSI), has raised Rs 85 crore in a Series A funding round led by Elevation Capital. The round also saw participation from existing investor Z47 and several angel investors.

The capital will be used to scale the company’s newly launched Agentic Voice AI platform and expand its presence in Bengaluru and Delhi. GreyLabs AI aims to grow from its base of more than 50 financial institutions to 300 clients while processing customer conversations.

“As of today we work with around 50 top BFSI clients. We are very heavy in the space. Our speech-to-text and language model are very much tuned for financial services… With this funding we are entering into the autonomous voice AI agent category,” cofounder and CEO Aman Goel told Moneycontrol.

Founded by Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak and Shreyas Patel, GreyLabs builds AI-powered autonomous voice agents for financial institutions to automate contact centre operations.

Goel also cofounded Cogno AI, an enterprise-focused startup that specialised in developing AI-driven communication solutions tailored for large businesses, offering omnichannel chatbots, live agent chat, co-browsing and video calling to enhance customer experience.

Exotel, a cloud telephony company, acquired the startup in November 2021.

The company’s Voice AI agents are designed to handle use cases across sales, customer service, collections, renewals, and PIVC, among others, with multilingual capabilities.

In 18 months since its launch, GreyLabs AI claims to have processed hundreds of millions of conversations for over 50 BFSI clients, including 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.

“Our vision from Day One has been to reimagine how conversations happen in BFSI,” Goel said. “Voice is the most natural interface for customers but there has been little innovation in this space. We wanted to make conversations faster, more intelligent, and scalable while maintaining compliance and empathy.”

Vaas Bhaskar, partner at Elevation Capital, said, “Over the past year, we’ve seen GreyLabs AI go from a bold vision to a product already delivering measurable outcomes for some of the largest players in BFSI.”

The company said it plans to use the funds to enhance its voice agent stack, deepen adoption across BFSI, and expand its team and infrastructure footprint.

“We are going to invest heavily in research and development. We have set up our R&D centre in Bangalore and our sales offices are in Gurgoan, NCR and our leadership team is in Mumbai. So we will be looking to double down on the R&D centre and will be building a team here,” Goel said.

GreyLabs AI’s product suite includes its flagship Voice AI Agents, speech analytics and AI-driven email analytics designed to automate communication workflows for banks and insurers.

Headquartered in Mumbai, GreyLabs AI operates offices in Bengaluru and Delhi.