Mumbai-based GreyLabs AI, a startup specializing in voice AI solutions for the banking and financial services industry (BFSI), has secured ₹85 crore in Series A funding led by Elevation Capital. The round also saw participation from existing investor Z47 and several angel investors.
GreyLabs AI will use the newly raised capital to scale its recently launched Agentic Voice AI platform and expand operations in Bengaluru and Delhi. The company aims to grow from a base of 50+ financial institutions to 300 clients, while continuing to process millions of customer conversations.
“As of today we work with around 50 top BFSI clients. We are very heavy in the space. Our speech-to-text and language model are very much tuned for financial services… With this funding we are entering into the autonomous voice AI agent category,” said Aman Goel, co-founder and CEO of GreyLabs AI.
Founded by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, the company builds AI-powered autonomous voice agents that help financial institutions automate contact center operations.
Goel previously co-founded Cogno AI, an enterprise startup that built AI-driven communication tools such as omnichannel chatbots, live chat, co-browsing, and video calling to improve customer engagement. Exotel acquired the startup in November 2021.
GreyLabs AI’s voice agents are equipped to handle a wide range of use cases across sales, customer service, collections, renewals, and PIVC, with multilingual support.
Since its inception 18 months ago, GreyLabs AI claims to have processed hundreds of millions of conversations for over 50 BFSI clients, including RBL Bank, AU Bank, IDFC FIRST Bank, Axis Finance, Motilal Oswal Financial Services, Fibe, SBI Life Insurance, Piramal Finance, ICICI Prudential Life Insurance, and Groww.
“Our vision from Day One has been to reimagine how conversations happen in BFSI,” said Goel. “Voice is the most natural interface for customers, but there has been little innovation in this space. We wanted to make conversations faster, more intelligent, and scalable while maintaining compliance and empathy.”
Vaas Bhaskar, Partner at Elevation Capital, added, “Over the past year, we’ve seen GreyLabs AI go from a bold vision to a product already delivering measurable outcomes for some of the largest players in BFSI.”
The company stated that it will utilize the fresh funds to strengthen its voice agent technology stack, boost BFSI adoption, and grow its team and infrastructure footprint.
“We are going to invest heavily in research and development. We have set up our R&D center in Bangalore, and our sales offices are in Gurgaon, NCR, and our leadership team is in Mumbai. So we will be looking to double down on the R&D center and will be building a team here,” Goel said.
Moreover, GreyLabs AI’s product portfolio includes its flagship Voice AI Agents, speech analytics, and AI-powered email analytics, all designed to automate communication workflows for banks and insurers.
Headquartered in Mumbai, the company currently operates offices in Bengaluru and Delhi.
