TPG-backed AI unicorn Fractal AI joins the generative AI space with the launch of Flyfish on June 21, amidst growing competition from ChatGPT and Google's Bard.
This AI tool aims to enhance online sales for businesses by personalizing shopping experiences, analyzing real-time buying patterns, and providing data-driven sales insights. Differentiating itself from existing conversational AI chatbots, Flyfish's tool will "humanise" responses and cater to customer’s unique needs as per the context given.
The solution supports various digital sales channels such as web, mobile, WhatsApp, Instagram, Facebook Messenger, Google Business Messages, and Apple Business Chat.
This comes at a time when technology giants like Google, Microsoft and many others are battling it out to grab market share and business for their generative AI tools. Most of them are also closely working with system integrators or IT services companies to build industry specific use cases.
“We are shifting from convenience commerce to consultative commerce. Flyfish’s AI tool can empathise with the customer and his needs and provide consultative products based on their unique needs and context,” Shridhar Marri, CEO and Founder of Flyfish said.
The tool is expected to increase sales for businesses, cut customer acquisition costs, and also reduce product research time for the customers through generative AI advisory.
Marri said that during one of its trials for a client, Flyfish was able to increase lead generation through the website by around 35 percent of its previous ways of doing it. Flyfish is already working with clients and brands across India, Singapore and the US.
“We are a SaaS platform where anyone can come and plug in the solution—both mid-market brands and enterprises are our target customer base,” he said.
Speaking of competition with IT companies and technology giants building similar products, Marri added that Flyfish will take only a few minutes for integration in some cases unlike IT companies which can take six to eight months to integrate AI in phases.
Srikanth Velamakanni, Co-Founder, Group Chief Executive, and Vice Chairman of Fractal said, "Flyfish's true power lies in its seamless integration into an organizations' sales processes, its ability to train on specific product data, and its power to deliver custom user experiences.”
$15-billion Company
Founded in 2000 in Mumbai, Fractal’s clientele includes Fortune 100 and 500 companies such as Google, Wells Fargo and Reckitt Benckiser. At the beginning of 2022, Fractal raised $360 million from private equity company TPG Capital Asia at a $1 billion valuation.
The startup is on a revenue run rate of Rs 2,000 crore for FY23.
In a previous interview with Moneycontrol, Velamakanni said: “Eventually, our goal is to serve 500 of the largest companies on the planet and work with them. If they spend about $30 million with us annually, we can become a $15 billion company. We are not chasing valuation, but I think we have a path to becoming a $15 billion revenue company.”
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