Before November 2022, OpenAI was a little-known startup in the US. However, that very month, the company unveiled a chatbot, ChatGPT, which in just two months crossed 100 Mn monthly active users, making it the fastest-growing consumer application in history.
OpenAI’s GPT-3, a large language model (LLM), has since paved the way for GPT-4 and $11 Bn+ in funding for OpenAI, mostly from Microsoft.
At the time when OpenAI was making waves across the globe, India’s GenAI ecosystem was still very much in its infancy.
However, the country’s GenAI space seems to have made massive strides since then. Not only have we been able to mint India’s first AI unicorn, Krutrim, but also attracted major interest from investors and entrepreneurs to cause a stir in this space.
Consequently, India is home to more than 100 GenAI startups and these startups have raised more than $600 Mn since 2019.
Spearheading this transition are names like SarvamAI and Krutrim, which are focused on building Indic LLMs, while others like ObserveAI, having secured $214 Mn, are leveraging AI to offer customized customer and operational support to businesses.
Today, a large number of startups across sectors and industries, from OYO to Unacademy, are seen using this emerging technology to streamline user experience and operations.
Meet The GenAI Startups Putting India On The Global AI Map
1. Observe AI
- Founded: 2017 by Sharath Keshava Narayana and Swapnil Jain
- Description: Conversational intelligence platform for contact centers.
- Funding: $214 Mn over 6 rounds; $125 Mn in 2022.
- Investors: Zoom, Bossanova Investimentos, Y Combinator, Menlo Ventures, and Nexus Venture Partners.
- Competitors: Noogata, TUNGEE, Osense Technology, Slang Labs.
2. Pixis
- Founded: 2020 by Harikrishna Valiyath, Shubham A Mishra, Vrushali Prasade
- Description: Codeless AI infrastructure platform for marketing campaigns.
- Funding: $209 Mn; $85 Mn in 2023.
- Investors: Grupo Carso, General Atlantic, Celesta Capital, and Chiratae Ventures.
- Competitors: Utilidata, HeadSpin, Navikenz.
3. Ola Krutrim
- Founded: 2022 by Bhavish Aggarwal
- Description: Developing India-specific LLM capable of working with 10 Indian languages.
- Funding: $74 Mn; $50 Mn in January 2024, hitting unicorn valuation.
- Investors: Matrix Partners India.
- Competitors: Sarvam AI, Mistral AI, DeepMind.
4. SarvamAI
- Founded: 2023 by AI4Bharat creators Vivek Raghavan and Pratyush Kumar
- Description: Custom-made LLMs for India-centric use cases.
- Funding: $41 Mn Series A in December 2023.
- Investors: Peak XV Partners, Khosla Ventures, Lightspeed Venture Partners.
5. Avaamo
- Founded: 2014 by Ram Menon and Sriram Chakravarthy
- Description: Deep-learning software company specializing in conversational interfaces.
- Funding: $30 Mn; $7 Mn in 2021.
- Investors: Intel Capital, Ericsson Ventures, Streamlined Ventures, WI Harper Group, Mahindra Partners.
- Competitors: PolyAI, Zira, Odeza, wrnchAI.
This list only scratches the surface of India’s AI startup ecosystem, showcasing the innovation and rapid growth within the sector. With continued investment and development, these startups have the potential to position India as a global leader in artificial intelligence technology.
