Greylabs AI to channel bulk of ₹85 crore Series A funding into R&D to enhance voice AI capabilities

Greylabs AI, an agentic voice AI solution for banking and financial services, is set to deploy the majority of its ₹85 crore Series A funding into research and development, aiming to strengthen its flagship voice AI agent platform. The funding round was led by Elevation Capital, with participation from existing investor Z47 and leading angels.

Speaking to CNBC-TV18, Aman Goel, Co-Founder and CEO of Greylabs AI, said, “We plan to deploy the capital mainly in research and development of the product. The problem we are solving is very complex because of the sheer size, scale, and diversity of our country — there are so many languages, accents, and dialects.”

He added that the company is building a full-stack contact centre powered by AI that goes beyond basic automation.

“This AI won’t just send you basic details like your account balance — it can also convince you to purchase a product from the bank, collect EMIs, resolve your query, or raise a ticket,” Goel explained. He said this comprehensive approach sets Greylabs apart from other solutions in the market.

The company has already signed up more than 50 BFSI clients, including RBL Bank, AU Bank, SBI Life, and ICICI Prudential, in just 18 months. According to Goel, the rapid adoption is being driven by the tangible impact of the AI on client operations.

“In many companies, we’ve been able to show that the conversion rates of telesales calls handled by our AI are much higher than those handled by human telecallers,” he said.

Greylabs AI is also focused on regulatory compliance and data security, especially given the sensitive nature of customer conversations in the BFSI sector.

Goel noted, “We don’t store any end-consumer data on our servers. The data belongs to the regulated entity — the bank — which continues to own customer data, call recordings, and so on.”

He added that the company is SOC 2 compliant, ISO certified, and undergoes third-party data security audits, ensuring all data remains within Indian boundaries.

The company’s pricing model is per-minute based, reflecting usage of the platform. Goel also confirmed that Greylabs AI is investing in expansion, opening offices in Delhi and Bengaluru and building teams in finance and HR to support growth, while maintaining profitability.

Watch the video for moreRead about our editorial guidelines and ethics policy