Former JustDoc Founders’ Startup Refold AI Raises $6.5 Mn

Enterprise AI startup Refold AI has raised $6.5 Mn in its seed funding, co-led by US based Eniac Ventures and Tidal Ventures. Better Capital, Ahead VC, Karman Ventures, Z21 and several angel investors also participated in the round.

Refold was founded by Jugal Anchalia and Abhishek Kumar in 2023 –  five years after they sold JustDoc to online pharmacy Netmeds in 2018. Later, Netmeds was acquired by Reliance in 2020. 

Refold provides an AI-driven platform to enterprises to automate API integrations. The startup claims to deploy autonomous AI agents that can learn system behaviour, write and maintain integration code, and adapt to software changes.

Refold was in stealth mode till now. In a statement, the startup said it works with over 30 paying enterprise customers and has doubled its customer base in the last two months. Its platform currently serves more than 1,500 active users and processes over 30 Mn API calls each month. 

The startup plans to use the fresh capital to grow its 20-member team to 30, expand product integrations, and support its enterprise customer base. Refold currently operates from Bengaluru and San Mateo in California. 

The development comes at a time when agentic AI is emerging as the next big step beyond generative AI. Deloitte predicts that by the end of 2025, a quarter of companies using generative AI are expected to run agentic AI pilots, with adoption projected to reach half of such companies by 2027.

This shift is disrupting long-standing IT services and enterprise software models, reducing reliance on manual workflows and high-cost consulting. A number of AI startups are getting funding from investors to provide agentic AI solutions. 

For instance, Grass.ai raised $9 Mn (around INR 78 Cr) earlier this week from Tin Men Capital, Incred Wealth, Orzon, among others.