In a significant boost to India’s rapidly evolving AI landscape, GreyLabs AI, a Mumbai-based voice AI solutions startup catering to the banking and financial services sector (BFSI), has raised ₹85 crore in a Series A funding round led by Elevation Capital, with participation from existing investor Z47 and several angel backers.
In this article, we delve into how GreyLabs AI is building the future of autonomous voice technology for financial institutions — and what this funding means for the sector at large.
Credits: Z47
Fueling the Next Phase of Growth
GreyLabs AI plans to use the fresh capital to scale its newly launched Agentic Voice AI platform, expand its presence in Bengaluru and Delhi, and strengthen its research and development capabilities. The company also aims to grow its client base from 50 to 300 financial institutions, reinforcing its dominance in the BFSI-focused voice AI market.
“We are very heavy in the space,” said Aman Goel, cofounder and CEO of GreyLabs AI. “Our speech-to-text and language model are finely tuned for financial services. With this funding, we are entering the autonomous voice AI agent category.”
Building the Future of Voice in BFSI
Founded by Aman Goel, Harshita Srivastava, Shivam Gupta, Raj Sanghavi, Debabrata Basak, and Shreyas Patel, GreyLabs AI is on a mission to reimagine customer conversations in BFSI. The startup develops AI-powered autonomous voice agents that automate a wide range of contact centre operations — from sales and customer service to collections, renewals, and post-interaction voice confirmations (PIVC).
What makes GreyLabs unique is its deep domain expertise in financial communication, enabling it to create voice agents that are not just functional but empathetic, compliant, and multilingual.
“In financial services, every conversation carries weight — whether it’s collecting dues or renewing policies,” Goel said. “Voice is the most natural interface for customers, yet it’s been under-innovated. Our vision is to make these interactions faster, more intelligent, and scalable.”
From Cogno AI to GreyLabs: The Founders’ Proven Track Record
Before founding GreyLabs AI, Aman Goel had already made a mark in the enterprise communication space as the cofounder of Cogno AI, a conversational AI startup offering chatbots, co-browsing, live chat, and video calling solutions for large enterprises.
Cogno AI was acquired by cloud telephony firm Exotel in November 2021, marking a successful exit for Goel and his team. The learnings from Cogno’s journey have clearly influenced the design and scalability of GreyLabs AI’s technology.
Impressive Client Roster and Impact
In just 18 months since launch, GreyLabs AI claims to have processed hundreds of millions of conversations for over 50 BFSI clients. Its client list reads like a who’s who of Indian finance — including RBL Bank, AU Small Finance Bank, IDFC FIRST Bank, Axis Finance, Motilal Oswal Financial Services, Fibe, SBI Life Insurance, Piramal Finance, ICICI Prudential Life Insurance, and Groww.
These partnerships demonstrate the startup’s strong positioning as a trusted AI partner for major financial institutions looking to digitize and personalize customer communication.
Investor Confidence and Industry Validation
Elevation Capital’s partner Vaas Bhaskar expressed strong faith in the company’s vision, stating, “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 endorsement from Elevation — known for backing category-defining startups — underscores GreyLabs’ potential to emerge as a category leader in voice-led automation.
Doubling Down on R&D and Expansion
With its headquarters in Mumbai and offices in Bengaluru and Delhi, GreyLabs AI plans to double down on R&D and strengthen its engineering and product teams. “We’ve set up our R&D centre in Bangalore and our sales offices in NCR, while our leadership team remains in Mumbai. We’ll be investing heavily in research and talent,” Goel noted.
GreyLabs’ product suite includes not only its flagship Voice AI Agents, but also speech analytics and AI-driven email analytics, all designed to help banks and insurers automate complex communication workflows with precision and empathy.
Credits: Finance Outlook India
The Road Ahead
As voice-based interactions become mainstream in the digital economy, GreyLabs AI is well-positioned to lead the charge in transforming how financial institutions communicate with millions of customers daily.
By combining autonomy, accuracy, and emotion in its voice models, the startup is not just automating conversations — it’s redefining them.
With a strong investor base, a robust product pipeline, and an expanding footprint, GreyLabs AI’s ₹85 crore funding round marks the beginning of a bold new chapter for India’s voice-first future in BFSI.
