Imagine a scenario where a movie is made in one language and dubbed in several others, but the lip and jaw movements are synchronised so perfectly that actors are seen to be actually speaking the language in which you choose to view the film.
Welcome to the world of on-tap Generative AI solutions to a wide spectrum of industries — be it movies, fashion, financial services, gaming, healthcare or talent acquisition. According to Tracxn, India has 174 GenAI startups that have raised a total funding of $831.5 million.
Bengaluru-based deeptech startup NeuralGarage has built its proprietary GenAI models in the audio-visual space that can change the lip and jaw movements visually using audio as a controller at studio quality.
With the availability of Gen AI models like ChatGPT, startups are using their APIs (application programming interface) to write customised codes, to achieve the outcomes they want. “We can create multiple videos by shooting just one video with an actor,” Subhabrata Debnath, co-founder and CTO, NeuralGarage told Fe.
The startup’s client list includes 16 large brands such as Amazon (Fresh, Daily, Fashion, Pay), Britannia, Coca-Cola, Dream11, HP, UltraTech Cements, Eno, and Microsoft US.
Another area where these models are playing an effective role is in the small fashion businesses. NeuroPixel.AI, for instance, allows online marketplaces to automate the apparel cataloguing process, generate synthetic models, improve virtual try-on experiences and offer personalised shopping experiences.
Even though India saw the launch of many AI startups in the last decade, the launch of Chat-GPT forced the startups to up their game and join the GenAI bandwagon.
A few months after the launch of Chat-GPT, Gupshup launched a bot-building tool — Auto Bot Builder, based on GPT-3. “With this, enterprises can incorporate the latest advances in natural language processing and machine learning into their own customised chatbot solutions,” Gaurav Kachhawa, chief product officer, Gupshup said.
The company built Tata Capital’s web-based GenAI chatbot, Tia, to bring contextual and multilingual assistance to its customers. It claims that while one of its clients, a leading online used car marketplace, lowered agent costs by 60% by automating car discovery and test drive bookings, another client, a popular tea and snack cafe chain, saw a 52% higher up-sell and cross-sell revenue for the brand.
Gupshup deploys its solutions to over 45,000 brands across India, LatAm, Middle East, APAC and Africa.
Series A startup SarvamAI also partners with Indian enterprises to develop domain-specific AI models based on their data. It also aims to develop custom-made large language models (LLMs), specifically designed for India-centric use cases. The startup was founded in 2023 and is backed by Peak XV Partners, Khosla Ventures, Lightspeed Venture Partners, among others.
Startups in the on-tap model space are offering customised tools to firms that seamlessly integrates with their existing tech stack. For instance, Bengaluru-based CoRover helps many well-known companies, including Union Bank, IRCTC, LIC, Max Life Insurance, NPCI, BHIM UPI and RBI (DigiSaathi) by offering virtual assistants that not only streamline interactions, but also help with product recommendations, transaction processing, and customer concerns.
Talent acquisition is another area where GenAI startups like Konverz.ai and Fasthr.AI have a huge role to play. Because of the large workforce in India, companies are often burdened with high volumes of resumes. Thus, they offer tools that can streamline their recruitment processes and make them less burdensome for HR teams.
For instance, Konverz.ai offers two innovative tools, AI Screening and AI Interviews agents to streamline hiring. In a few minutes, it sorts through candidates, ensuring that only the most suitable ones move forward.
“By evaluating over 120 attributes, recruiters gain a holistic view of each candidate’s potential,” Lokesh Nigam, co-founder and CEO, Konverz.ai said. One of its clients, Losung360, claims that it experienced a 60% reduction in time-to-hire after using Konverz AI’s solutions.
Besides, these startups also provide financial institutions with cutting-edge GenAI solutions. “By leveraging AI-powered search, personalised recommendations, and conversational commerce, we enable financial institutions to recommend the right financial services and products tailored to the customer’s specific context and needs, ensuring optimal financial outcomes,” Shridhar Marri, CEO and founder, Flyfish.ai said.
For now, healthcare, financial technology, and gaming sectors are offering ample opportunities for GenAI startups and the pricing model followed by them is simple. It is either pay-as-you-go or a subscription model. However, going ahead, GenAI demand is expected to be fueled by other sectors as well and startups will be able to make money from services like customisation and training.
“Industries that were not traditionally suitable for AI solutions, like building, transportation, and farming, will also increasingly seek innovative ways to enhance efficiency and streamline operations,” Appalla Saikiran, founder and CEO, SCOPE, a networking platform for startups, added.
