Navana.ai raises $4.2M Series A for BFSI voice AI
Voice AI startup Navana.ai has raised Rs 40 crore ($4.2 million) in a Series A round led by entrepreneur and investor Ronnie Screwvala.
Antler India, Sharad Sanghi, Sandeep Singhal, Paula Mariwala and other investors also participated in the round.
Founded by brothers Raoul and Jai Nanavati, Navana.ai provides voice AI solutions to regulated enterprises, with a focus on data privacy and compliance through on-premise deployments.
The startup claims to have processed more than 100 million voice AI minutes for BFSI companies including Bajaj Finserv, Protean, Ujjivan Small Finance Bank, Jana Small Finance Bank and Grihum Housing Finance.
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Navana.ai has developed proprietary speech models covering 12 Indian languages and 45 dialects. Its models are designed to handle challenges such as background noise, overlapping speech, code switching and regional accents. The company has also collaborated with IISc Bengaluru, IIT Madras, Microsoft Research and the Gates Foundation.
The fresh capital will be deployed to expand Navana.ai’s voice AI deployments among BFSI enterprises, strengthen its speech models for Indian languages and dialects, and develop its AI Contact Centre and automated evaluation platform.
The startup said its Bodhi speech model achieved the highest accuracy in a benchmarking exercise conducted across Indian voice AI platforms using real world speech samples.
Ronnie Screwvala said that Navana.ai is addressing the linguistic complexity of India and that voice AI could become a “critical part of the country’s digital infrastructure.” He also highlighted data localisation and regulatory compliance as key considerations for enterprise adoption.
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