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Voice AI startup Navana.ai has raised ₹40 Cr ($4.2 Mn) in a Series A funding round led by existing investor and upGrad cofounder Ronnie Screwvala. Antler India, Neysa.ai founder Sharad Sanghi, Avaana Capital’s partner Sandeep Singhal, among others, also backed the startup. The startup will use the fresh capital to scale its voice AI platform’s deployment across the BFSI sector, strengthen speech models for Indian languages and dialects, and accelerate the development of its AI Contact Centre as well as automated evaluation platform. Founded in 2018 by brothers Raoul and Jai Nanavati, Navana.ai is building what it describes as a sovereign, full-stack voice AI platform that enables enterprises to deploy voice agents, transcription systems, and real-time analytics on a large scale. The startup has developed proprietary speech models that can operate across 12 Indian languages and 45 dialects. The startup claims to have serviced more than 100 Mn voice AI minutes for clients operating in the BFSI sector, including Bajaj Finserv, Protean, Ujjivan Small Finance Bank, Jana Small Finance Bank and Grihum Housing Finance. While Screwvala pegs India's voice AI opportunity at about ₹9,500 Cr, concerns over data localisation and regulatory compliance are still key considerations for enterprises deploying voice AI. "Navana.ai addresses exactly this, proving to be a reliable voice AI partner for India's enterprises," Screwvala said. The investment comes at a time when Indian startups are increasingly exploring voice AI as a way to take digital services beyond English-speaking and digitally-literate users. Just last month, voice AI startup smallest.ai raised $13 Mn to scale its voice AI platform for clients across financial services, healthcare, contact centres and business process outsourcing (BPO), while Ringg AI raised $15.5 Mn (₹147 Cr) to strengthen its enterprise AI platform and expand its voice, WhatsApp, and browser agents.
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