Latest news with #ShekharKirani
Mint
8 hours ago
- Business
- Mint
10 Indian AI startups and products to watch out for
The landscape of artificial intelligence (AI) startups in India is a complex one. Although there may be rapid innovation, India risks falling behind its global peers in the race for worldwide dominance. Just a few days ago, Accel, a venture capital firm, warned that Indian AI startups risked falling behind global peers unless they were 'chasing scale aggressively". Accel partner Shekhar Kirani said, 'In the Valley, it's a warzone. Engineers are building, iterating, raising money, and chasing scale aggressively. In India, many still operate in peacetime mode, trying to optimise for capital efficiency, fixing bugs, and selling to five customers. That's not how you win this AI cycle." Basically, it's not all rosy for the Indian AI startup market. Just take a look at the much-hyped Krutrim, an LLM launched by Ola founder Bhavish Aggarwal in December 2023. Krutrim's customer base has not grown rapidly for its LLMs and cloud products. It has also been plagued with several technical issues. Then there was previously known as a 'no-code AI-powered platform". Their ethos? Simplifying app development? Microsoft, the Qatar Investment Authority and others backed it. The reality, you ask? relied on around 700 human engineers who wrote code for client projects, which were presented as if they were AI-generated. at its core, was a fraud company. But there is also good work happening in the field of Indian AI. The Ministry of Electronics and Information Technology (MeitY) and Google are separately encouraging Indian AI startups to expand and have world-leading products. In 2024, Google announced its plan to train 10,000 AI startups in India. This was through a partnership with MeitY Startup Hub. Also read: Watch Reels and Shorts for fun, not health advice. Here's why Last month, 10 Indian AI startups—PrivaSapien Technologies, Staqu Technologies, SatSure Analytics, Storyvord, VolarAlta, Smartail, Secure Blink, and Voicing AI—were selected for a global acceleration programme in Paris. This was part of the IndiaAI Startups Global Initiative, which is a MeitY effort in partnership with Station F and HEC Paris. AI startups are expected to undergo rapid evolution over the next few years. But, at this point, a few well-established startups are leading the way. Let's check them out: NeoSapien's Neo1 NeoSapien has come up with Neo1, India's first AI wearable, which claims to be a digital 'second brain" that captures conversations, tracks emotions, and serves as an AI companion that helps you in your daily life. It's a pendant-style AI wearable worn around the neck, priced at ₹9,999 (with a year of AI services bundled and ₹499 per month thereafter). This device wants to help organise your life, and as a bonus, it can even gauge your emotions. Neo1 currently has no direct competitor in the Indian market. As a promising product, and one that hasn't been widely adopted globally, can the pendant live up to all its promises? After all, it Haptik One of the leading players amongst the generative AI startups in the country is none other than Haptik. They have changed the game when it comes to business-to-customer interaction. Haptik specialises in conversational AI, including chatbots and virtual assistants, for providing real-time support and personalisation to customers. Haptik automates customer service by integrating AI, making it cost-efficient for the company. Haptik is used in e-commerce, telecommunications, banking and other sectors. To boil it down, Haptik offers companies a scalable way to manage customer interactions using no-code bots. Sarvam AI Sarvam AI was founded in July 2023 by Vivek Raghavan and Pratyush Kumar. Their aim is simple. They aim to make Generative AI accessible at scale in India. Both founders met at AI4Bharat, a research initiative that focuses on open-source Indian language AI. A few weeks ago, Sarvam unveiled its flagship Large Language Model (LLM), Sarvam-M. It's a 24-billion-parameter system and is based on a smaller model called Mistal Small. It's basically an intelligent AI assistant that can handle tasks ranging from math questions to responding in multiple Indian languages (10, to be precise). Law Bot Pro In 2023, then-final-year law student Mandaar Mukesh Giri from Guru Gobind Singh Indraprastha University developed a free legal AI app called Law Bot Pro. 'I wanted to develop an app which would benefit everyone by giving them 24/7 access in an easy to use and understandable manner to answer their legal queries," Giri told Bar & Bench. Law Bot Pro ensures that even those without legal knowledge can access the necessary help. Giri developed the app in collaboration with his brother-in-law, senior software engineer Utsav Beri, and sister Mohini Giri, a specialist in criminal law. The Law Bot Pro chatbot is modelled on the ChatGPT framework. All the user needs to do is to input a query, and a concise response will be received. Law Bot Pro aims to democratise legal understanding for all. Niramai Niramai was founded back in July 2016 and revolutionised breast cancer screening with the use of thermal imaging and AI. Thermal imaging is used to detect abnormalities and assess the health of the breast. Thermal imaging measures the temperature variation from the chest and is analysed using in-house software developed on AI. The in-house software leverages AI to analyse 4 lakh temperatures per person. This is a cost-effective solution that provides women with a safe and comfortable means of getting scanned, especially in rural areas. 3003 BC Who said AI and olfactory sensors can't be combined to build the perfect perfume? Well, just ask 3003 BC. All the customer needs to do is to fill out a scientifically designed questionnaire. The AI will give them insights into their personality, olfactory preferences, and mood. The AI then analyses multiple possible combinations and churns out three samples. Those three are then sampled by the customer, who then select their preferred combination. Once selected, the consumer will receive a 100ml hand-polished luxury glass bottle filled with their chosen perfume. Thereafter, they can customise the packaging with their name and scent signature. Why the name 3003 BC, you ask? The earliest references to perfumes date back to the Mesopotamian Age, hence the name. Upliance While everyone loves ghar ka khaana, not everyone is well-versed in cooking. That's why Upliance, a Bangalore-based startup founded by IIT-Mumbai alumni Mahek Mody and Mohit Sharma, came to life. They have launched their flagship product, delishUp. It's an intelligent cooking assistant. The goal here is to transform the experience of preparing a meal for consumers with varying levels of cooking experience. It has a touchscreen interface, a range of culinary functions, and AI integration as its backbone. delishUp has guided recipes, nutritional information and support through ChatGPT. Now, with delishUp, anyone can create a delicious home-cooked meal. The device itself is relatively compact and connects to the internet via Wi-Fi. It's leading the industry in the smart kitchen technology segment. delishUp offers over 500 pre-loaded recipes across five key categories. It can automate 16 different cooking functions, including chopping, mixing, stirring and more. The machine can churn out a meal for four or fewer people. Infivention Technologies Pvt Ltd Thanks to the meteoric rise of Gukesh Dommaraju, chess has experienced a surge in popularity in India like never before. Infivention's own Square Off is an AI-powered chessboard that, ideally, should fly off the shelves. Square Off is the world's first telerobotic, AI-powered chessboard. With Chessboard, you can now play chess against the board. Yes, you can play against the board in real-time. The chess pieces are moved by the board itself. Furthermore, there are 20 difficulty levels to choose from. One other handy feature is multiplayer. With the SquareOff app, you can challenge anyone anywhere in the world, as the company has tied up with Their moves will be reflected physically on the board. The company may have been founded by Atur Mehta and Bhavya Gohil in 2015, but SquareOff is a revolutionary product. The product has been used in over 70 countries! Bhashini Bhashini is an AI tool developed by the central government to bridge the dialect divide. Amitabh Nag joined the government in July 2022 to spearhead Bhashini. It's an initiative launched by Prime Minister Narendra Modi, and it's an AI-powered language translation platform that aims to make India's diversity more inclusive, specifically by breaking down language barriers. Bhashini utilises AI and natural language processing (NLP) to build a range of translation, communication, and transaction-related services. For now, Bhashini has mastered 36 mainstream languages. It's on a pathway toward understanding their regional dialects. In fact, the Lok Sabha Secretariat and MeitY signed a Memorandum of Understanding (MoU) to revolutionise parliamentary operations, which was named 'Sansad Bhashini'. This will provide in-house AI solutions for multilingual support and streamlined processes. is an AI-powered video creation tool. It is a text-to-video generation platform. One can now make professional-looking videos within minutes. Founded by IIT Bombay alumni Ashray Malhotra and Nisheeth Lahoti, and IIT Roorkee alumnus Shivam Mangla, the startup was acquired by San Jose-based software giant Adobe in November 2023. The valuation wasn't disclosed. Also read: OnePlus 13s review: A compact flagship for small hands and tight pockets
Time of India
5 days ago
- Business
- Time of India
The AI story not many are telling: What India is about to lose by remaining in peacetime mode in a warzone
Even as the global AI scenario starts to resemble a true warzone, Indian artificial intelligence players may have set themselves up for a below-par show by continuing to function in peacetime mode, two venture capital insiders have cautioned. Despite a surge in technically skilled founders in the Indian artificial intelligence sector, concerns are growing about the country's startups falling behind their global counterparts. Shekhar Kirani and Prayank Swaroop from venture capital firm Accel have raised alarms over the cautious approach many Indian AI companies are adopting, , The Times of India reported on June 5. During a recent media roundtable, they emphasised that a lack of urgency and a limited global vision are hindering progress in this rapidly evolving industry, the report (by Supriya Roy) said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Caution versus competition Kirani pointed out a stark contrast in operational mindset between Indian and US-based AI startups. 'In the Valley, it's a warzone. Engineers are building, iterating, raising money, and chasing scale aggressively,' ToI quoted him as saying. In stark contrast, many Indian founders seem to be operating in "peacetime mode," focusing on capital efficiency instead of pursuing rapid growth, he observed. Live Events According to him, this cautious approach may not hold up in the competitive AI landscape, where speed and scalability are paramount. Valuation disparities: A clear divide The differences between Indian and US AI startups are also reflected in their valuations. Kirani noted that US AI-first startups can achieve valuations exceeding $500 million with $15 million in annual recurring revenue (ARR), while traditional software-as-a-service (SaaS) companies with similar figures typically see valuations around $100 million. 'The market rewards velocity. If you're an AI-native company growing fast, the delta in pull and valuation is unprecedented,' he remarked. Investor expectations: Changing scenario Swaroop highlighted a shift in how investors assess potential in the AI sector. 'Everyone's looking for that breakout moment,' he said. He explained that the threshold for what is deemed an early-stage company has risen. Previously, businesses with $1-2 million ARR were considered early stage, but now, AI-first companies are expected to reach $50-100 million in revenue within 12-18 months if they are growing rapidly. 'The bar is higher, but so is the upside, if the founder is thinking globally,' he added. India AI scene: The road ahead As the Indian AI landscape matures, it is essential for startups to adopt a more aggressive approach. Embracing a global vision and prioritising rapid growth could be key to competing with their counterparts in the US. The call for a shift in mindset is clear: to thrive in the AI sector, Indian startups must act decisively and innovate swiftly.
Time of India
6 days ago
- Business
- Time of India
Desi AI founders risk falling behind overseas peers: Accel
BENGALURU: Venture capital firm Accel partners Shekhar Kirani and Prayank Swaroop highlighted concerns about Indian AI startups lagging behind global competitors, despite having comparable technical abilities. They cited insufficient urgency and limited global vision as key issues. During a media roundtable on Wednesday, they observed that while India is experiencing an emergence of technically proficient, AI-focused founders, many maintain a cautious, risk-averse approach that could prove detrimental in this fast-moving sector. "In the Valley, it's a warzone. Engineers are building, iterating, raising money, and chasing scale aggressively," Kirani said. "In India, many still operate in peacetime mode, trying to optimise for capital efficiency, fixing bugs, and selling to five customers. That's not how you win this AI cycle." The disparity is evident in valuations. Kirani noted that US-based AI-first startups demonstrating revenue growth can achieve valuations over $500 million at $15 million ARR, while traditional SaaS firms with similar figures typically receive valuations around $100 million. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo "The market rewards velocity. If you're an AI-native company growing fast, the delta in pull and valuation is unprecedented," he said. Swaroop indicated a shift in investor perspectives. "Everyone's looking for that breakout moment. Earlier, a company showing $1-2 million ARR might be considered early stage. Now, if it's AI-first and compounding fast, the expectation is that it hits $50-100 million in revenue within 12-18 months," he said. "The bar is higher, but so is the upside, if the founder is thinking globally." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Wire
22-05-2025
- Business
- Business Wire
OpenFX Raises $23M in Initial Funding to Revolutionize Cross-Border Payments with Real-Time FX Settlement Capabilities
NEW YORK--(BUSINESS WIRE)-- OpenFX, the FX infrastructure company revolutionizing cross-border payments, today announced its emergence from stealth with $23 million in funding led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3 and strategic fintech investors. This milestone follows the company's unprecedented growth from $0 to $10 billion in annualized transaction volume in under 12 months since its stealth launch in early 2024. Founded by serial entrepreneur Prabhakar Reddy, former co-founder & COO of digital asset prime brokerage FalconX (valued at $8B), OpenFX is building a real-time, open, transparent FX network that enables near-instant settlement of cross-border transactions. The company's platform dramatically reduces payment friction by making FX transfers 99% faster and up to 90% cheaper, while operating 24/7/365 - eliminating the constraints of banking hours, weekends, and holidays. "The $200 trillion annual FX market still runs on infrastructure designed in the 1970s, trapping approximately $4 trillion in working capital and extracting hundreds of billions in unnecessary fees annually," said Prabhakar Reddy, Founder and CEO of OpenFX. " While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analog era. We're building the critical settlement infrastructure needed for the AI-driven economy, where money moves as freely as data—unrestricted by time zones, banking hours, or legacy systems." OpenFX's multi-layer liquidity architecture leverages next-generation financial technology to connect traditional banking rails with digital-native systems, enabling 90% of transactions to settle in under 60 minutes, compared to the industry standard of 2-7 days. The company's capital-efficient liquidity model eliminates the need for massive balance sheets typically required by traditional FX providers. Over the last 12 months, OpenFX has validated its cross-border payment platform and settlement network at scale, processing billions in transactions across the top G20 FX pairs while maintaining institutional-grade security and reliability. Early customers span global geographies and major FinTech categories - from remittance providers, neobanks, brokerages, payment processors, and global payroll companies - and have witnessed a remarkable transformation in their FX money movement experience, resulting in 8-10x growth in quarter-over-quarter volumes. In one striking example, a recently onboarded client scaled from zero to $100 million in transaction volume within just 17 days of integration. ' OpenFX represents that rare combination of an exceptional founding team tackling a massive market inefficiency with institutional-grade infrastructure,' said Shekhar Kirani, Partner at Accel. ' What convinced us was their commitment to building a highly secure, trusted platform that enterprises can rely on, coupled with their extraordinary execution capabilities. They're building what could become the AWS of global finance: secure, trusted infrastructure that developers and businesses can use to transform cross-border commerce. ' The company's leadership team brings deep expertise across traditional finance, blockchain infrastructure, and global payments, with key executives previously building and scaling multiple billion-dollar companies, including FalconX, PayPal, Slack, Affirm and Kraken. The broader team of 42 includes talent from JP Morgan, Citi, Goldman Sachs, Barclays, Standard Chartered, Bank of America, Nium, and Microsoft. " In a world transformed by AI and agentic payments, the final frontier of digital transformation is the movement of money itself," added Reddy. " We're building the invisible rails that will power the next decade of global commerce—making international payments as seamless, instant, and reliable as sending an email." This funding will accelerate OpenFX's mission to rewire the global financial system, with immediate plans to expand into key Latin American and Asian markets, launch its innovative treasury management solutions, and extend its regulatory framework across strategic jurisdictions. About OpenFX OpenFX is creating the financial market infrastructure for the AI economy through its real-time cross-border payments platform and settlement network. By combining the power of new-age payment rails and innovative last-mile liquidity sourcing models, OpenFX enables near-instant FX settlements across borders—making money transfers 99% faster, up to 90% cheaper, and available 24/7/365. Founded in 2024 by serial entrepreneur Prabhakar Reddy, the company has grown to a team of 42 operating globally across the US, UK, UAE and India. Learn more at
