In a major boost to India’s rapidly growing artificial intelligence ecosystem, GreyLabs AI has raised ₹85 crore (≈$10 million) in a funding round led by Elevation Capital . The Bengaluru-based startup plans to use the fresh capital to scale its Voice AI platform and expand aggressively into the Banking, Financial Services, and Insurance (BFSI) industry.
With this round, GreyLabs joins the growing list of Indian AI-first startups betting on enterprise automation and conversational intelligence — an area that’s quickly becoming a billion-dollar opportunity.
Founded in 2022 by ex-Microsoft and IIT alumni , GreyLabs AI is on a mission to simplify how financial institutions communicate with their customers. Its flagship product — an intelligent Voice AI agent — is designed to handle customer support, loan recovery, KYC verification, and credit onboarding using natural, human-like speech.
Unlike chatbots that rely on text or rule-based responses, GreyLabs’ proprietary speech recognition and language modeling engine enables real-time understanding of Indian regional accents — a major challenge in India’s multilingual banking ecosystem.
The goal is simple:
“To make voice-based customer service as seamless as talking to a human, but powered entirely by AI.”
The ₹85 crore round was led by Elevation Capital , with participation from AngelList India, Venture Highway , and several strategic angel investors from the fintech and SaaS ecosystem.
According to sources, this is GreyLabs’ second institutional round , following an earlier seed fund of ₹15 crore raised in 2023.
The company plans to channel this funding into:
Expanding its tech team and R&D for multi-lingual AI voice models
Strengthening deployment across banks, NBFCs, and insurance companies
Launching AI-powered voice recovery agents that can make thousands of automated customer calls daily
Building compliance-grade voice infrastructure for regulatory and data security needs
The Indian BFSI sector handles millions of customer interactions every day — from credit card queries to insurance renewals and loan verifications.
Traditionally, these have been handled by massive call center operations. However, with increasing costs, compliance pressure, and workforce inefficiencies, financial institutions are now turning toward AI-driven voice automation .
According to a NASSCOM report, AI adoption in India’s financial services industry is expected to reach $3 billion by 2027 , driven by the growing need for automation, accuracy, and customer personalization.
GreyLabs AI is positioning itself as a category leader in this emerging space , offering voice-based solutions that can reduce operational costs by up to 60%, while improving accuracy and response speed by 5x .
Human-Like Voice Intelligence
Multi-Lingual & Accent-Aware AI
Regulatory-Ready Platform
Plug-and-Play for BFSI
GreyLabs already counts five of India’s top NBFCs and two private banks among its early adopters. The startup aims to onboard 50 BFSI clients by the end of FY26, and expand internationally to Southeast Asia and the Middle East , where voice AI for customer servicing is still an untapped opportunity.
The company is also developing a “Voice Compliance Cloud”, a SaaS suite that helps financial institutions automatically monitor AI-agent interactions to ensure transparency and audit readiness.
“Voice is the most natural form of human interaction. Our mission is to make every customer conversation in financial services intelligent, empathetic, and automated,”
said Rohit Menon , Co-Founder & CEO of GreyLabs AI.
He added that the new funding will help the company accelerate innovation and make voice automation accessible to every BFSI player — from small NBFCs to large banks.
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