Bengaluru-based GenAI startup Vodex recently secured $2 million in seed funding from Unicorn India Ventures and Pentathlon Ventures. This funding will help Vodex expand its operations globally. It aims to grow its business by at least fourfold in the next year.
The CEO of Vodex, Anshul Shrivastava, expressed confidence in the potential of Generative AI to transform sales processes. The company plans to use the investment to enhance customer service by building a dedicated support team. Shrivastava believes that by increasing revenue fourfold, Vodex will become the preferred solution for businesses looking to leverage the power of GenAI-driven sales.
Vodex: The AI Sales Assistant
Anshul Shrivastava and Kumar Saurav founded Vodex in 2022. It leverages AI to create sales agents capable of engaging in human-like conversations, thereby assisting businesses in automating their sales processes. By eliminating the need for traditional call centres, Vodex enables companies to streamline operations and enhance efficiency in customer engagement. CEO Anshul Shrivastava emphasised that the recent investment indicates the immense potential of Generative AI in revolutionising sales.
Bhaskar Majumdar, managing partner at Unicorn India Ventures, recognises Vodex’s disruptive capabilities and envisions the company as a formidable player in customer relationship management by harnessing the power of GenAI and SaaS solutions.
Vodex’s Funding and AI Landscape in India
Vodex previously raised INR 1.25 Cr from 100X.VC in a pre-seed funding round. The company has achieved a milestone of $1 Mn in recurring revenue from its customers. Vodex faces rivals like Drift, SquadStack, and Homebot in the competitive landscape.
The Indian market for Generative AI has been witnessing significant investor interest. According to Inc42’s analysis, GenAI startups in India amassed over $580 Mn between 2019 and 2023, with approximately $50 Mn directed towards seed-stage startups.
Notable developments in the Indian GenAI space include Bhavish Aggarwal’s third startup, Krutrim, becoming India’s first AI unicorn with a $50 Mn funding round led by Matrix Partners India in January. Additionally, in December last year, Bengaluru-based Sarvam AI secured Series A funding of $41 Mn led by Lightspeed Venture Partners.
Transforming Sales with GenAI Technology
Vodex uses GenAI to create voice conversations that sound like humans, making outbound sales calls more personal and engaging. This technology replaces traditional call centres, helping businesses run smoother and connect better with customers. According to Bhaskar Majumdar from Unicorn India Ventures, GenAI has many uses and can change how tech businesses work worldwide. Vodex, with its GenAI and SaaS solutions, aims to be a strong player in helping companies manage their customer relationships more effectively.
Vodex Customer Connections
Vodex helps businesses improve customer engagement by using natural-sounding phone conversations that feel human-like. They’ve previously received funding from 100X.VC and have reached an annual run rate of $1 million within a year.
Unicorn India Ventures is an early-stage venture fund that focuses on investing in emerging startups in the technology sector. Its first fund was approximately ~100 crore, and it has invested in companies like SmartCoin, Open Bank, and Sequretek. Pentathlon Ventures is also an early-stage venture capital fund that specialises in the B2B SaaS segment within India’s startup ecosystem.
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