GreyLabs AI raises Rs 85 crore in funding from Elevation Capital, targets over 300 clients

Mumbai-based GreyLabs AI, which builds voice-automation and speech-analytics tools for financial institutions, has raised Rs 85 crore (about $10 million) in its Series A funding round led by Elevation Capital. Existing investor Z47 (formerly Matrix Partners India) and a few angel investors also participated.

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The startup plans to use the fresh capital to enhance its technology stack, expand its client base, strengthen on-ground support, and open new regional offices in Bengaluru and Delhi. 

GreyLabs, founded in 2023 by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, develops AI-powered solutions that automate customer-service operations across sales, collections, renewals, and verification processes.

Its product suite includes voice agents and a speech-analytics platform that help banks and lenders audit customer interactions more efficiently.

“Typically, banks do around 1,000-1,500 calls a month but audit only a handful per agent,” Goel said. “This means that 99% of calls are not reviewed, where something could go wrong without the institution knowing.”

GreyLabs’ client roster already includes more than 50 BFSI companies such as RBL Bank, AU Bank, IDFC First Bank, Axis Finance, Groww, Motilal Oswal, SBI Life Insurance, Piramal Finance, and ICICI Prudential Life Insurance. The startup, which currently employs 44 people, plans to expand its customer base to 300 organisations while investing in regional teams.

"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.