Exclusive: GreyLabs AI To Raise Funding From Elevation, Z47 Partners

Update | July 18, 16:00

The story has been edited to add the funding amount and other additional details.

Original Story: July 17, 23:50

Mumbai-based GreyLabs AI is raising $10 Mn (about INR 86 Cr) in its Series A funding round, led by Elevation Capital, sources told Inc42.

“GreyLabs has been having conversations with Elevation Capital for some time as the investor is looking to expand its AI portfolio,” one of the sources said. 

While the round will be led by Elevation Capital, it will also see participation from GreyLabs’ existing investor Z47 Partners (erstwhile Matrix Partners India) and new angel investors, as per the sources.

The startup will use the capital to almost triple its team size to 100 employees from 35 currently and add over 100 BFSI clients over the next few years, the sources added.

While a questionnaire sent to GreyLabs AI didn’t elicit any response till the time of publishing this story, GreyLabs’ MCA documents confirm that the startup is raising INR 76 Cr (about $9 Mn) from the two investors. 

Inc42 has also reached out to Elevation Capital and Z47 Partners for a comment on the development. 

This comes over a year after GreyLabs AI raised $1.5 Mn in its seed funding round from Matrix Partners India. The funding round also saw participation from angel investors such as MoEngage founder Narasimha Reddy, Uni Cards founder Nitin Gupta, Scapia founder Anil Goteti, among others. 

Founded in 2023 by husband and wife duo Aman Goel and Harshita Srivastava, GreyLabs offers a GenAI-powered platform for speech and text analytics. The startup claims to enhance the productivity of sales agents by extracting valuable insights and streamlining the audit and quality assurance processes through automation. The startup currently has three products:

• Real-time agent analysis
• Email analytics
• Speech analytics

Besides English, GreyLabs supports vernacular languages like Hindi, Tamil, Gujarati, Marathi, Telugu, among others.

As per its website, the startup’s clients include Axis Bank, Groww, RBL Bank, SBI Life, Uni Cards, among others. 

Before starting GreyLabs AI, Goel, an IIT alumnus and second-time entrepreneur, cofounded Cogno AI 2017, a platform focussed on chatbots and WhatsApp bots for large banks and financial institutions.

Srivastava, an IIT Kanpur alumnus, joined Goel when Cogno AI’s other cofounder called it quits. Later in 2021, Cogno AI was acquired by Exotel, a cloud telephony platform. Both Goel and Srivastava worked for two years with Exotel before finally cofounding GreyLabs AI.

The development comes at a time when investors continue to be bullish about investments in Indian AI startups. 

In a recent survey conducted by Inc42, nearly 57% of 80+ respondents said they are actively scouting for early stage AI investments. Another 22% said they are eyeing growth-stage bets in either AI or advanced hardware and technology sectors.