India's Ringg Secures Peak XV Backing for Voice AI

The voice AI landscape in India continues to gain momentum, driven by a recent study from Truecaller showing that over 76% of consumers in the country prefer talking to businesses over a traditional phone call. This heavy reliance on voice communication presents a massive opportunity to automate support and outreach initiatives using advanced voice AI technologies.

Voice AI startup Ringg, which currently handles 20 million call attempts each month, is betting that this high volume will continue to surge in the coming months. This strong conviction has now translated into a fresh injection of capital for the company.

The company announced today that it has secured $10 million from Peak XV Partners as an extension of its Series A round. This follows a previous $5.5 million raise earlier this year, bringing the total funding for the round to $15.5 million.

Ringg originally launched as a text-to-speech startup under the name DesiVocal. However, the high costs associated with training proprietary speech models prompted the founders to move up the stack and build voice AI agents tailored for enterprises. Indian fintech company Cred became its inaugural customer, paving the way for subsequent partnerships with prominent Indian startups such as Flipkart, Practo, Groww, and PolicyBazaar.

Stock photo for illustration only, not from the actual event

"We are trying to position ourselves as a platform for agents that bring outcomes or get things done rather than voice agents for enterprises"

Tripathi

While the platform still supports simpler use cases, Ringg has firmly set its sights on managing significantly more complex workflows. These include appointment scheduling for healthcare clinics, abandoned-cart recovery solutions for e-commerce platforms, and user onboarding as well as KYC verification checks for fintech applications.

Source: TechCrunch