Ringg AI raises $10M in Series A extension led by Peak XV
Bengaluru-based AI startup Ringg AI has raised $10 million in an extension of its Series A funding round, led by Peak XV Partners. Existing investors Arkam Ventures and Capital 2B also participated.
The startup had previously raised $5.5 million in Series A funding earlier this year, taking the total size of the round to $15.5 million.
Ringg develops AI agents for businesses and processes about 20 million call attempts each month. Its customers include Flipkart, Practo, Groww, and PolicyBazaar.
Voice calls account for more than 70% of Ringg’s business. The platform is expanding into chat, WhatsApp, and browser-based automation as it looks to offer a broader range of enterprise AI services.
The startup began as a text-to-speech company called DesiVocal before shifting towards enterprise AI agents after finding the cost of developing its own speech models difficult to sustain. Ringg develops some of its own speech recognition and speech generation models, while its platform can also direct tasks to different models depending on the requirements of a particular workflow.
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Ringg initially focused on high-volume tasks including outbound calling, lead qualification, and loan collection, but has since moved towards more complex business processes, including healthcare appointment booking, e-commerce cart recovery, and customer onboarding and know-your-customer checks for financial services businesses.
Its voice agent is deployed across 1,200 clinics on healthcare platform Practo, where it helps patients book appointments and follow up after visits.
“At the start, we were doing high-volume, low-complexity use cases like outbound calling, lead qualification, loan collection, and more,” Tripathi said. “We quickly realized these are not sticky use cases, and so it’s always going to be a price game,” he added.
“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 said.
“Because of the technical capabilities, they can actually do these hard-won enterprise workflows end to end. They can complete these higher-value tasks like merchant onboarding, like L1 and L2 support, with quality and with consistency,” Kapoor said.
Most of Ringg’s customers are based in India, with a smaller presence in the Middle East and the US. It plans to use Global Capability Centres in India as part of its international expansion strategy, offering automation alongside human support operations used by multinational companies.
Ringg eventually wants to control more of the voice technology stack, including infrastructure and deployment, although the cost of doing so remains a constraint.
Ringg has 40 employees, with more than 15 joining in the past three months. The startup is hiring engineers to work closely with enterprise customers on deployments, as well as researchers focused on reducing the cost of running its AI models.
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