Generative AI made a significant impact on the technology landscape in late 2022 with the launch of ChatGPT. Today, it remains a top priority for organizations aiming to enhance efficiency and reduce costs. GenAI offers the ability to apply AI algorithms and train models for automation and innovative outputs. According to a recent Gartner survey, GenAI is the most widely adopted AI solution among organizations. The survey highlights that embedding GenAI in existing applications, such as Microsoft’s Copilot for 365 or Adobe Firefly, is the most popular method, with 34% of respondents indicating this as their primary approach. This is more common than customizing GenAI models with prompt engineering (25%), training or fine-tuning bespoke GenAI models (21%), or using standalone GenAI tools like ChatGPT or Gemini (19%).
Unlike traditional AI, GenAI is designed to create new content ranging from music, images, text, and even complex data sets, while leveraging models to produce original outputs mimicking human creativity.
GenAI is rapidly gaining traction in India, owing to technological advancements, increasing investments, and a spirited startup ecosystem. For example, Indian startups like Krutrim and Sarvam AI are leading the way with innovative solutions tailored to local needs, language preferences, and domains. As these startups continue to evolve, they are set to transform industries, drive economic development, and position India as a global leader in Generative AI. According to a report issued by Nasscom, India’s AI market with a CAGR of 25-35% is projected to reach $17 billion by 2027.
Here is a list of 10 potential GenAI startups operating in India from different sectors:
Ola Krutrim
Founded by Bhavish Aggarwal in 2022, Krutrim is a Bengaluru-based India-specific Large Language Model (LLM) startup that answers everything asked in just one click. The distinct fact of Ola Krutrim is its suitability to the diversity of languages in India. To address the lingual divergency and to make digital interaction more inclusive, efficient, and relevant, the LLM-driven Krutrim is made comprehensive of 22 Indian languages, while generating content in a total of 10 languages such as Hindi, Marathi, Bengali, Kannada, Tamil, Odia, Telugu, Malayan and Gujarati. Plus, Krutrim AI Cloud is available in Indian currency ₹ to make it easily accessible for Indian developers.
Krutrim AI has expanded to its new vertical Krutrim SI Designs which is associated with electric mobility and soon plans to launch electric cars and motorcycles shortly. Besides, it became the first-ever pureplay Artificial Intelligence startup to earn a unicorn valuation of $50M funding by Crunchbase in Series A in India.
Sarvam AI
Pratyush Kumar and Vivek Raghavan founded Sarvam AI in 2023 and the headquarters is in Bengaluru. This is an Artificial Intelligence/Machine Learning research and development-based startup that builds performant and reliable enterprise-grade AI systems in India. The startup works to serve as a complete solution provider for Generative AI that builds a strong platform for businesses to use their AI tools. Last year, the homegrown AI startup launched OpenHathi-Hi-v0.1, its first Large Language Model in Hindi in its series. The model leverages Llama2-7B architecture of Meta AI and performance is equivalent to GPT - 3.5 in the Indian language. They believe this approach will speed up GenAI adoption in India, especially since businesses recognize GenAI's potential but struggle to use it effectively.
It has earned $41 million funds in the Series A round. The funding was granted under the leadership of Lightspeed and in support of Khosla Ventures and Peak XV Partners, which is the largest Series A raise for an Indian AI startup.
DhiWise
Founded by Vishal Virani and Rahul Vallabhbhai Singala in 2022, DhiWise is a Code & Data startup based in Surat. This is a programming automation platform that leverages design-to-code converter solutions to identify and solve day-to-day problems faced by developers. The platform delivers digital experiences in a matter of hours, making it a go-to solution for a developer in need of an instant solution. Developers can use it to translate designs into code to create high-quality applications efficiently and instantly, which helps them build mobile and web apps rapidly. DhiWise is famous for its products DhiWise React App Builder which helps build web applications and DhiWise Flutter Builder which develops and designs natively compiled and scalable applications in record time.
Besides DhiWise has grown a total of $9.53M across 3 rounds, where the latest finding round gave $7M, participating 3 investors including Accel. In total DhiWise has 13 investors, of which 7 are institutional including Accel, Together, India Quotient, and Dholakia Ventures, and 6 are angel investors.
Baselit
Founded by Sahil Singla and Shubham Rana in 2023, Baselit is a Code & Data-based startup headquartered in Bengaluru. This is a data intelligence platform, that enables businesses to leverage ChatGPT-powered analytics to the customers. Besides, firms are trying their best to invent energy-efficient and saving solutions. Baselit seems to be the first one to venture into this. Because the startup specializes in developing smart, energy-efficient lighting solutions. These lighting solutions are customizable and can be controlled easily which makes their product user-friendly and reduces energy costs product. Baselit helps lower the Snowflake bill by around 50%. Case study revealed by this Code and Data startup claims, that it has cut Ring’s Snowflake’s cost by 36% and Joveo by 40%.
Baselit raised $500K in funding in the latest seed round, on Oct 01, 2023, and has 1 institutional investor - Y Combinator.
Metaforms (Previously WorkHack)
Founded by Akshat Tyagi in 2023, Metaforms (Previously WorkHack) is a Code & Data startup based in Bengaluru that deals with AI deployment. This is a Generative AI platform that helps enterprises, agencies, and research teams to perform 10 times faster qualitative research and delivers high-quality insights. Large enterprises are pondering between two significant questions how and when to deploy GenAI for best use. Metaforms thinks it can bridge the gap and assist enterprises in leveraging maximum with its product AI Form Roast, which is a free tool made to optimize and audit online forms with AI. It analyses form structure, copies, and designs the user interaction data, and advises actionable recommendations.
The Bengaluru-based genAI platform raised $16.4K in funding through an Angel round, led by Abhimanyu Shekhawat and Aastha Tyagi on Nov 25, 2022. Metaforms has Nexus Venture Partners and two others as angel investors.
SimpliSmart
Founded by co-founders Amritanshu Jain and Devansh Ghatak in 2022, SimpliSmart is a Bengaluru-based Code & Data startup that provides an AI-based machine learning (ML) solution without requiring coding. With the help of its product users can easily train their machine-learning model with their data. This provides the simplest way to optimize and automate outcomes for GenAI models. The startup specializes in deploying open-source GenAI models including Llama2, Mistral, SDXL, Whisper, Tortoise, and others. Some of its popular product offerings include SimpliIngest, SimpliTrain, SimpliTrack, SimpliEvaluate, SimpliExplain, SimpliDeploy, and SimpliObserve for end-to-end solutions from source integration to inferences visualization with observability.
SimpliSmart has grown a total of $136K funding over 1 round where the latest was a seed funding round on Oct 27, 2022. The round was led by Anicut Capital in 2 investors participated. In addition, it has five institutional investors including Titan Capital, Anicut Capital, and First Cheque.
Kombai
Founded by Abhijit Bhole and Dipanjan Dey in 2022, Komboi is a Pune-based Code & Data AI model to understand user interface (UI) designs and code like humans. The platform simplifies and enhances the development of modern web applications. It helps developers build high-quality applications more efficiently and without extensive coding which is quite user-friendly and near to no-code development. Overall, Kombai aims to make web application development faster, more efficient, and more accessible by providing powerful tools and automation features. Currently, it generates HTML+CSS and React Codes, where a user is provided with the option to choose and get the CSS output in tailwind or vanilla. Right now, Komboi is in the “public research preview” stage and is free for individual developers to use. The basic version is free, but to opt for Pro, Premium, and Business the cost is involved.
So far, it has raised $4.5 million from Stellaris Venture Partners and Foundation Capital in a seed round on Aug 23, 2023.
Contlo
Founded by Mukunda NS and Ishaan Bhola in 2021, Contlo is a Text & Chatbots startup based in Bengaluru. This AI-powered marketing platform works for organizations to operate and optimize their end-to-end advertising campaigns. The startup offers personalized marketing as per customer’s requirements and also allows businesses to revenue management. In addition, Contlo assists with SMS and email marketing solutions for automated and personalized communication according to customer behaviours. For further services, Contlo works on post-purchase campaigns by offering recently viewed items. The Contlo suit of service is available in three variants Growth, Pro, and Enterprise suitable for early-stage small businesses, SMBs at expansion stage, and large-scale enterprises respectively.
As of now, Contlo has grown $14.3M in funding over 3 rounds, on Jan 25, 2022, and its latest funding was a series A funding round for $10M on Oct 25, 2023.
Murf AI
Founded by IIT graduates Sneha Roy, Divyanshu Pandey, and Ankur Edkie in 2020, Murf AI is a Bengaluru-headquartered dealing in the Audio & Video sector. Murf AI is a SaaS and AI-based text-to-speech solutions application that uses artificial intelligence to create high-quality voiceovers quickly, without the need for recording equipment. It allows you to generate realistic-sounding voiceovers in less time. Voiceover is essential for social media content to make videos more effective. Here such innovative solutions are in demand for social media content developers. Murf AI offers a variety of products ranging from Text to Speech, Voice Over Video, Voice Cloning, Voice Changer, Text to Speech: Google Slides Add On, and API Services for a complete professional sounding solution.
Murf AI has raised $11.5M of funding over 2 rounds where the second round happened under the leadership of Matrix Partners India. Its investors include Disney Streaming, Elevation Capital, and Matrix Partners India. The startup has 8 angel investors including Ankit Bhati.
Pixis
Founded by Vrushali Prasade, Harikrishna Valiyath, and Shubham A Mishra in 2020, Pixis is based in Bengaluru and deals in the Code & Data sector. The startup provides a codeless AI infrastructure making artificial intelligence accessible for marketers, agencies, and creative professionals. It helps brands improve all areas of their marketing and enhances decision-making in the complex world of consumer behaviour. Pixis offers ready-to-use AI Engines like targeting AI, Creative AI, and Performance AI for optimizing target audience capture or expansion, visual and text generations, and Campaign performance enhancements respectively.
The startup raised $7M in series A funding rounds pi Ventures and Chiratae Ventures alongside Exfinity Ventures Partners the present investor in 2020. In the B series funding round, it earned $17M together with Celesta Capital and Premji Invest in 2021. Plus, $100M in series C funding by investors SoftBank Vision Fund2 with General Atlantic and other existing investors in 2022. And, $85M in the series C1 funding round with Touring Capital and new investors Carso and others.
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