OpenAI was a little-known US startup prior to November 2022. But in the same month, the business debuted ChatGPT, the company’s chatbot that has become the fastest-growing consumer application in history, having crossed 100 million monthly active users in just two months.
Since then, OpenAI’s large language model (LLM), GPT-3, has opened the door for GPT-4 and more than $11 billion in funding, the majority of which comes from Microsoft.
During the period when OpenAI was gaining global attention, the GenAI ecosystem in India was still in its early stages of development.
But since then, the nation’s GenAI field appears to have advanced significantly. In addition to creating Krutrim, the first AI unicorn in India, we also generated a lot of attention from investors and business owners, creating a stir in this industry.
As a result, India is home to over 100 GenAI businesses, and since 2019, these companies have raised over $600 million.
Leading this shift are companies like SarvamAI and Krutrim, who specialize in developing Indic LLMs, and ObserveAI, which raised $214 million and uses AI to provide businesses with customized operational and customer support.
Many startups across a variety of sectors and businesses, such as OYO and Unacademy, are currently employing this cutting-edge technology to improve user experience and operational efficiency.
India’s GenAI market is predicted to grow significantly over the next several years, surpassing $17 billion by 2030, according to Inc42.
We have made an effort to compile a list of Indian startups that are making waves in the quickly developing Indian GenAI industry, in keeping with the expanding market opportunity in this area.
Get To Know The GenAI Startups Making India a Global AI Leader
Observe AI: Contact centers can use the conversational intelligence platform called Observe AI, which was founded in 2017 by Sharath Keshava Narayana and Swapnil Jain.
Take note.In six investment rounds, AI has raised a total of $214 million. In 2022, it secured $125 million in its final investment round.
Pixis: Pixis, a codeless AI infrastructure platform, was founded in 2020 by Harikrishna Valiyath, Shubham A. Mishra, and Vrushali Prasade. It allows firms to track and manage their marketing efforts.
The firm has raised $209 million in funding since its founding. In 2023, it raised $85 million at its final investment round.
Ola Krutrim: Bhavish Aggarwal, the creator of Ola and Ola Electric, founded Krutrim in 2022. The company is experimenting with GenAI to create an LLM tailored to India. It is reported that the startup’s family of LLMs can work with ten Indian languages. But Krutrim hasn’t yet made any of its goods available to the general public.
The startup faces competition from companies like DeepMind, Mistral AI, and Sarvam AI.
SarvamAI: The founders of AI4Bharat, Vivek Raghavan and Pratyush Kumar, founded SarvamAI in 2023 with the goal of creating specialized LLMs for use cases that are focused on India.
Avaamo: Avaamo is a deep learning software startup founded in 2014 by Ram Menon and Sriram Chakravarthy. It specializes in conversational interfaces to address particular, high-impact issues in the enterprise IT space.
Avaamo is developing core AI technologies in deep learning, speech synthesis, and neural networks to enable conversational computing for enterprises.
Senseforth: Leading Conversational AI solutions provider Senseforth was founded in 2017 by Krishna Kadiri, Ritesh Radhakrishnan, and Shridhar Marri. It facilitates automated, human-like discussions between businesses and individuals.
Rephrase AI: Rephrase AI, founded in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, uses GenAI to produce polished films as easily as writing text in a matter of minutes.
The growth-stage company has garnered $12 million in investment in total. It raised $10.6 million in its most recent fundraising round in 2023.
Murf AI: Murf AI, founded in 2020 by three IIT Kharagpur graduates, Sneha Roy, Ankur Edkie, and Divyanshu Pandey, uses artificial intelligence (AI) to produce voiceovers of superior quality for its users in a matter of minutes without the need for recording equipment.
The growth-stage company has raised $11.5 million in total capital. It raised $10 million in its most recent fundraising round in 2022.
DhiWise: DhiWise, an AI-enabled programming platform founded in 2021 by Vishal Virani, allows developers to translate their designs into developer-friendly code for mobile and web apps.
The application development lifecycle is accelerated and automated, and understandable, modular, and reusable code is produced instantaneously.
Spyne: Deepti Prasad and Sanjay Kumar founded Spyne in 2018 with the goal of utilizing AI to assist companies and marketplaces in producing and updating high-quality product photos and videos at scale.
LimeChat: LimeChat, which was founded in 2020 by Aniket Bajpai and Nikhil Gupta, uses artificial intelligence (AI) to let brands rapidly reply to client inquiries on platforms including Instagram, WhatsApp, and Meta Messenger.
More than 300 brands, including HUL, ITC, Mamaearth, Wow Skin Science, Neemans Shoes, and Snitch, are involved in WhatsApp commerce.
QpiAI: Dr. Nagendra Nagaraja founded QpiAI, an AI business with its headquarters in Bengaluru that specializes in both artificial intelligence and quantum computing, in 2019. One of the startup’s main products, QpiAI Pro, aids with the production stage deployment of AI solutions.
Kombai: Kombai, an AI model taught to comprehend and write user interface designs like humans, was founded in 2022 by Dipanjan Dey and Abhijit Bhole. It provides web app developers with developer tools to help them eliminate repetitive, automatable chores like generating and maintaining boilerplate JS and CSS code.
Zocket: Zocket, a 2021 startup founded by Karthik Venkateswaran, Nandha Kumar Ravi, Sundar Natesan, and Mukund Srivathsan, is a platform that uses artificial intelligence (AI) to assist businesses generate digital ads in less than 30 seconds.
Dubdub.AI: Anubhav Singh, Rahul Sankhwar, Rahul Garg, and Anchal Jaiswal founded Dubdub.ai, an online platform that uses artificial intelligence (AI) to create multilingual video content, in 2021. Both audio and video dubbing are supported.
Since its founding, the growth stage firm has raised $1.8 million in total capital. It raised $1 million in its most recent fundraising round in 2022.
Phot.AI: Phot.AI, a full-visual design platform powered by GenAI, was founded in 2022 by Venus Dhuria and Aneesh Rayancha. It allows individuals and brands to create graphics from text alone.
Phot.AI, which serves both B2B and B2C clients, enables users to produce images, develop design concepts, and use GenAI to visualize them. Additionally, it makes advantage of this cutting-edge technology to enable users to edit their photos and convert “PDF” documents into any format.
InVideo: Founded in 2019 as a web-based video editor that enabled users to transform pre-existing static content into videos and add automatic voice overs in native languages, InVideo was the idea of Sanket Shah, Harsh Vakharia, and Pankit Chheda.
But since then, it has advanced significantly. The business currently has a fully functional AI-powered video editing platform that uses GenAI to produce videos using only text cues. Users only need to enter the subject; the platform will take care of the rest, including creating a script, adding scenes, and recording voiceovers.
