GreyLabs AI raises Rs 85 crore from Elevation Capital, Z47

GreyLabs AI, a speech analytics startup for financial institutions, has raised Rs 85 crore (around $10 million) in a funding round led by Elevation Capital, with participation from existing investor Z47 (formerly Matrix Partners India), and other angel investors.

The Mumbai-based firm has also launched its voice AI agent platform designed to help financial institutions automate customer interactions across sales, service, collections, renewals, and verification processes.

Founded by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, GreyLabs AI works with over 50 BFSI clients, including RBL Bank, AU Bank, IDFC First Bank, Axis Finance, Motilal Oswal, SBI Life Insurance, Piramal Finance, ICICI Prudential Life Insurance, and Groww.


GreyLabs said its voice AI agents are designed to fully automate contact centre operations while addressing key customer pain points, such as long wait times, agent misguidance, and harassment during collection calls.

“Typically, banks do around 1,000-1,500 calls a month, but they audit a very tiny percentage. Let’s say five calls per agent per month are audited. This means that 99% of calls are not reviewed, where something could go wrong without the financial institution knowing’’, Goel said.

“In a tele-sales call, the agent might pitch a product incorrectly or mis-sell a feature. In a support call, the customer could walk away unhappy because an issue was not resolved, or there was conflict with the tele-caller’’, he added.

With the new funding, GreyLabs plans to expand its platform into an AI-powered contact centre stack and grow its client base to over 300 organisations. It intends to open regional offices in Bengaluru and Delhi to strengthen on-ground client support.

The startup, which currently has a headcount of 44 will also invest in manpower, particularly by growing its regional teams.

GreyLabs had previously raised $1.5 million last year.

"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. What stood out for us was the team's clarity, pace of execution, and deep understanding of this space’’, Vaas Bhaskar, partner at Elevation Capital, said in a statement.

Some of GreyLabs’ competitors in the broader conversational AI space include Observe.AI, Uniphore, and Kolkata-based Mihup.