GreyLabs AI raises Rs 85 Cr led by Elevation to launch voice AI agents for BFSI

GreyLabs AI, a voice AI platform transforming customer interactions in banking and financial services, has raised Rs 85 crore ($9.6 million) in a Series A funding round led by Elevation Capital, with participation from existing investor Z47 and several angels.

The funding coincides with the launch of GreyLabs’ flagship agentic voice AI platform, designed to automate and humanize customer engagement across India’s BFSI sector.

GreyLabs AI raised over $1.5 million in a seed round led by Matrix Partners India in June last year.

According to the company, the fresh proceeds will be used to expand its team, enhance R&D, and grow its footprint across Bengaluru and Delhi, targeting over 300 BFSI clients and billions of monthly interactions.

Founded in 2023 by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, GreyLabs AI helps banks, insurers, and NBFCs automate customer interactions while ensuring regulatory compliance. Its platform combines voice AI, speech, and email analytics, providing a unified automation stack that boosts efficiency and delivers actionable insights.

The firm’s next-generation voice AI agents handle sales, customer service, collections, renewals, and verification calls, with multilingual capabilities tailored to India’s diverse audience.

The GreyLabs AI team previously co-founded Cogno AI, a conversational AI platform for banks and financial institutions that was acquired by Exotel in 2021.

In just 18 months, GreyLabs claims to have has scaled rapidly, processing hundreds of millions of conversations for over 50 BFSI clients, including RBL Bank, AU Small Finance Bank, Axis Finance, Fibe, IDFC FIRST Bank, SBI Life Insurance, Piramal Finance, ICICI Prudential Life Insurance, Motilal Oswal Financial Services, and Groww.

It competes with Uniphore, Mihup and indirectly with Contiinex, and Reverie, among others.