India’s BFSI focused artificial intelligence sector has received a boost with GreyLabs AI completing its Series A investment round, raising Rs 85 crore, which translates to roughly $10 million. The investment round was spearheaded by Elevation Capital, alongside continued backing from Z47 (previously known as Matrix Partners India) and participation from undisclosed angel investors.
Rapid Growth Since Inception
Established in 2023 by a team of six co-founders – Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, the Mumbai headquartered startup has demonstrated remarkable traction in the Banking, Financial Services, and Insurance sector. Within a short span, the company has onboarded over 50 prominent BFSI clients, including RBL Bank, AU Bank, IDFC FIRST Bank, Groww, and Axis Finance.
Strategic Deployment of Capital
The freshly infused capital will be strategically allocated across multiple growth vectors. The company plans to enhance its technological infrastructure, particularly focusing on developing more sophisticated AI driven solutions. Customer acquisition remains a priority, with ambitious targets to expand the client base from 50 to 300 financial institutions. Additionally, GreyLabs intends to establish new regional offices to strengthen its geographical presence and provide comprehensive on-ground support to clients.
Product Innovation and Market Position
GreyLabs AI’s core offering revolves around automating contact center operations through advanced speech analytics and agentic voice agents. These solutions enable financial institutions to derive actionable insights while improving quality assurance efficiency. According to co-founder Aman Goel, while speech analytics continues to generate the majority of revenue, the company is positioning itself to manage entire AI powered contact centers.
Investor Perspective and Future Outlook
Reflecting on the investment decision, Pranay Desai, Managing Director at Z47, stated, “As day zero investors, we’ve been impressed by how quickly GreyLabs AI has gone from concept to category impact. They’ve earned the trust of banks and insurers where scale, compliance, and customer trust are non negotiable.” This endorsement underscores the startup’s exceptional ability to navigate the complex regulatory environment of financial services while delivering tangible value to institutional clients. The Series A round represents a natural progression from the company’s seed funding of $1.5 million secured in June 2024, reflecting sustained investor conviction in GreyLabs’ market strategy and technological capabilities within the rapidly evolving AI landscape.
