Ringg Expands Voice AI Capabilities with $10 Million Investment

Key points

• Ringg raised $10 million from Peak XV Partners on September 2023.
• 76% of Indian consumers prefer phone calls, per Truecaller study.
• Ringg's voice AI handles 20 million call attempts monthly.

In India, a recent study by Truecaller reveals that over 76% of consumers still prefer communicating with businesses via phone calls. This preference opens up opportunities for companies like Ringg, a startup specializing in voice AI, to automate support and outreach calls. Ringg currently processes 20 million call attempts each month, and it anticipates this number will continue to rise. To support this growth, Ringg recently secured $10 million from Peak XV Partners, extending its Series A funding to $15.5 million.

Ringg's journey began as DesiVocal, a text-to-speech startup. However, the cost of training its own speech models led it to pivot towards building voice AI agents for businesses. Its first major client was the Indian fintech firm Cred, followed by other notable clients like Flipkart, Practo, Groww, and PolicyBazaar. Initially, Ringg focused on simple tasks such as outbound calling and lead qualification. Realizing these were not sustainable, the company now targets more complex workflows, including appointment booking for healthcare, recovering abandoned shopping carts, and performing KYC (know your customer) checks for fintech.

Ringg's voice AI currently operates across 1,200 healthcare clinics for the app Practo, assisting in booking appointments and follow-ups. While voice calls account for over 70% of its business, Ringg is expanding into chat and WhatsApp, and it is automating browser-based support requests for clients like Shell.

The company primarily serves clients in India, with some presence in the Middle East and the U.S. Rather than targeting U.S. companies directly, Ringg aims to partner with Global Capability Centers in India, which multinational companies use for back-office support. Although Ringg builds its own speech recognition models, it cannot yet afford to maintain the full infrastructure. Thus, it currently functions as an orchestration layer, directing tasks to various models based on the use case.

Voice AI in India is a competitive market with companies like Deepgram, ElevenLabs, and local firms vying for dominance. Ringg's technical depth, originating from its days as a research lab, allows it to handle complex enterprise workflows. As they continue to grow, Ringg has increased its workforce to 40 employees, hiring engineers and researchers to lower operational costs.

What's next for Ringg?

Ringg plans to focus on more complex workflows and expand its capabilities beyond simple call automation. It aims to become a platform for agents that deliver outcomes, not just voice solutions for enterprises.

Common questions

How does Ringg's voice AI benefit businesses?

Ringg's voice AI automates tasks like appointment bookings and customer onboarding, saving businesses time and improving efficiency.

What are Global Capability Centers?

Global Capability Centers are offshore hubs that multinational companies use for handling back-office and support roles, often located in countries like India.