India's AI Pioneers: Top Startups Raising Up to $100 Million

A new wave of innovators is reshaping the future with artificial intelligence in the heart of India's bustling tech landscape. These visionary startups aren't just pushing boundaries, they're redefining what's possible. They are raising the stakes with their groundbreaking ideas, which is attracting significant fundings. In this article, we will talk about the top AI startups which raised up to 100 million dollars with their innovative ideas.

Here’s a list of the top few AI companies who secured handsome fundings for their work in the area of artificial intelligence and its implementation.

1. Mad Street Den - $67 Million

Mad Street Den, a computer vision startup based in Chennai, is developing AI solutions for enterprise customers. Founded in 2016 by the neuroscientist-designer team Ashwini Asokan and Anand Chandrasekaran, the company initially targeted the retail sector with its vision technology. Over time, it has expanded its offerings to other industries, including finance, insurance, healthcare, and logistics.

The startup's broader mission aims to extend its impact beyond the Indian market, striving "to make people all over the globe AI natives." This ambitious vision underscores Mad Street Den's commitment to global AI adoption and innovation, positioning it as a significant player in the international AI landscape. Their key investors included Avatar Growth Capital, Peak XV Partners and Alpha Wave Global.

2. Krutrim - $50 Million

Krutrim, India’s first unicorn AI startup, was launched in December 2023 in Bengaluru by Bhavish Aggarwal, the founder of Ola. With only $50 million in funding, the startup has already achieved a valuation of $1 billion. Krutrim is focused on developing a large language model (LLM) that supports both Indian languages and English, setting a new benchmark in the Indian AI sector.

Earlier this year, Krutrim released an AI chatbot that encountered criticism for delivering inaccurate results during its public beta phase, much like similar Western AI models. Despite this initial backlash, the company claims that its AI model is continually refined through regular updates, aiming to improve accuracy and user experience significantly. One of their key investors is Matrix Partners India.

3. Sarvam AI - $41 Million

Sarvam AI, which means “everything” in Telugu, is another prominent Indian startup focusing on large language models (LLMs) based on Indian languages. Co-founded by Vivek Raghavan and Pratyush Kumar, who previously collaborated with tech veteran Nandan Nilekani on IIT Madras’ AI4Bharat project, this Bengaluru-based startup came out of stealth mode in December. Sarvam AI aims to provide full-stack generative AI solutions, including a platform for enterprises to develop GenAI applications based on its LLM and contribute to open-source models and datasets.

In February, Sarvam AI partnered with Microsoft to introduce voice-based AI tools, integrating its Indic voice LLM with Azure. This collaboration marks a significant step in enhancing AI accessibility and functionality for Indian languages, further solidifying Sarvam AI's position in the industry. Lightspeed Venture Partners, Peak XV Partners and Khosla Ventures are among their primary investors.

4. Wysa - $25 Million

Wysa is a mental health tech startup that leverages AI to provide an “emotionally intelligent” therapist chatbot, helping users navigate their feelings. Managed by Wysa’s mental health professionals, the chatbot serves over 6.5 million people across more than 95 countries, catering to diverse age groups. This innovative approach to mental health support has made Wysa a significant player in the global mental health tech space.

The Bengaluru-based startup, which also has operations in Boston and London, secured $20 million in funding in July 2022. Co-founded in 2016 by Jo Aggarwal and her husband, Ramakant Vempati, Wysa was born out of Aggarwal’s personal experience with deep depression. Their shared vision has driven the company to create accessible and effective mental health support tools for people worldwide. HealthQuad, W Health, British International Investment and Google Assistant Fund invested in the company. 

5. Neysa Networks - $20 Million

Mumbai-based Neysa Networks is spearheaded by seasoned tech entrepreneur Sharad Sanghi, the founder of cloud and data company Netmagic Solutions. Neysa Networks provides a variety of generative AI platforms and services, enabling businesses to deploy AI and machine learning effectively. The startup’s Nebula platform is designed to scale AI projects using on-demand GPU infrastructure, allowing for the training and inference of AI models on the cloud.

In addition to Nebula, Neysa Networks offers the Palvera platform, which provides multi-vendor and multi-input observability. This platform enables users to preemptively identify issues using a unified data lake and preexisting telemetry datasets. The company's Aegis platform focuses specifically on AI and ML security, further enhancing its comprehensive suite of AI solutions. Some of their key investors are Matrix Partners India, Nexus Venture Partners and NTTVC.

Conclusion

To conclude, India's top AI startups each raising up to $100 million shows their monumental leap forward in global innovation. These companies are not merely securing funding but are also making way for transformative technologies across different sectors. As they continue to innovate and expand their reach, their contributions promise to reshape industries, drive economic growth, and foster a future where AI-driven solutions are integral to everyday life. With their success, India solidifies its position as a powerhouse of AI innovation, setting a high standard for the global tech community to follow.