Spotlighting India’s next-GenAI startups

Deep-tech startups in India that have embarked on their GenAI journey are building solutions across diverse areas such as finance, AI cloud, video streaming, fashion, healthcare, and other SaaS applications, and are taking their products to the global markets . ET spotlights India’s ten buzzy AI startups, which are at various stages of growth, highlighting their vision and the hurdles they face along the way:

Startup: Spotdraft

Founders: Shashank Bijapur, Rohith Salim, Madhav Bhagat


Year: 2017

What are they building? AI-powered contract life management

Key challenge: Competition from AI companies changing customer interactions

Total funding: $45 million

Valuation: $136 million

Key investors: Premji Invest, Arkam Ventures, 021 Capital


Startup: Neysa Networks

Founders: Sharad Sanghi, Anindya Das

Year: 2023

What are they building? AI infrastructure and cloud platform

Key challenge: Sustainable GPU/model consumption for evolving use-cases

Total funding: $50 million

Valuation: $76.8 million

Key investors: Z47, Nexus Venture Partners


Startup: Myelin Foundry

Founders: Gopichand Katragadda, Ganesh Suryanarayanan

Year: 2019

What are they building? Add AI intelligence to edge devices

Key challenge: Running AI algorithms on small compute

Total funding: $10.7 million

Valuation: $19 million

Key investors: Endiya Partners, Pratithi Investment trust, Beyond Next Ventures


Startup: OnFinance

Founders: Anuj Srivastava, Priyesh Srivastava

Year: 2022

What are they building? AI agent Compliance software

Key challenge: Longer sales cycle

Total funding: $1.05 million

Valuation: $5 million

Key investors: Indian Angel Network, Silverneedle Ventures, LetsVenture, Kunal Shah


Startup: NeuroPixel

Founders: Arvind Venugopal Nair, Amritendu Mukherjee

Year: 2020

What are they building? Synthetic image/video generation in fashion/e-commerce

Key challenge: Competition from startups and large players

Total funding: $1.28 million

Valuation: $5.81 million

Key investors: Flipkart, Entrepreneur First, Beacon Trusteeship


Startup: Figr

Founders: Moksh Garg, Chirag Singla

Year: 2023

What are they building? GenAI tool to automate product design

Key challenge: Competition from global startups

Total funding: $2.5 million

Valuation: $5.81 million

Key investors: Kalaari Capital, Antler, Golden Sparrow


Startup: Beatoven. ai

Founders: Mansoor Rahmat Khan, Siddharth Bharadwaj

Year: 2021

What are they building? AI music generation platform

Key challenge: Copyright lawsuits from artists

Total funding: $2.42 million

Valuation: $8.27 million

Key investors: Capital 2B, IvyCap Ventures, Entrepreneur First


Startup: Artivatic. ai

Founders: Layak Singh

Year: 2018

What are they building? API-first platform for insure-tech and health-tech

Key challenge: Data collection for building accurate algorithms

Total funding: $2 million

Valuation: $10 million

Key investors: KFintech, Indian Angel Network, SenseAI Ventures


Startup: Docket Run

Founders: Ajay Kabadi, Shweta Shettar

Year: 2019

What are they building? AIoT solutions worker’s safety at heavy industries

Key challenge: Operating from tier-II city

Total funding: $64,112

Valuation: NA

Key investors: Bootstrapped


Startup: GoCodeo

Founders: Meghana Jagadeesh, Jatin Garg

Year: 2023

What are they building? No-code platform to develop software code using natural language prompts

Key challenge: Competition from popular coding assistants

Total funding: $150,000

Valuation: $1 million

Key investors: 100X VC

Source: Tracxn, Nasscom GenAI foundry list