Generative AI Adoption Picking up Pace in India

CIOTechOutlook Team | Tuesday, 23 January 2024, 02:37 IST

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Adoption of generative AI for customer engagement is gaining momentum in India. For example, conversational AI company Yellow.ai, which deployed about 120 GenAI robots to companies worldwide this fiscal year, saw about 30 percent of them in India.
 
While markets like the US are mostly using GenAI for customer support in a bid to cut costs, India Inc. is using them as an opportunity to grow revenues, generate business leads and sales support, Yellow.ai cofounder and chief executive Raghu Ravinutala added, as per economic times.
 
Founded in Bengaluru in 2016, Yellow.ai's investors include Sapphire Ventures, Westbridge Capital, Salesforce Ventures and Lightspeed Venture Partners. It has raised about $102 million in funding so far, according to Tracxn.
 
Bajaj Auto Finance has generated more than 100 referrals among its customers using the San Mateo, Calif.-headquartered company's GenAI chat, and the leading non-bank financier has seen more than 400 auto loans, Ravinutala said. The top two-wheeler maker sold about 1 crore motorcycles with GenAI Assistant on the first day of launch, while a leading finance firm secured about $100 million worth of leads or leads..
 
Since the quarter ended in October, Yellow.ai has seen increased demand for its GenAI offerings. At the time, it used about 100 robots in the financial services, travel, retail, e-commerce and technology sectors. The accounting period of the company is February-January.
 
“Q4 (the quarter ending January) is the largest quarter we are ever having for India in terms of platform ARR (annual recurring revenue) and India is also leading in terms of the GenAI adoption on the Yellow.ai platform,” Ravinutala said.
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