Rifa AI: Transforming Customer Interactions with Conversational AI Solutions
Rifa AI: Transforming Customer Interactions with Conversational AI Solutions
Rifa AI, a pioneering conversational AI platform, has successfully secured $1.1 million in funding, primarily led by Seaborne Capital, with notable contributions from NASSCOM and FalconX. This funding is intended to expand Rifa AI’s operations across North America and to enhance its conversational AI offerings for call centres. The aim is to develop compliant, modular, and scalable voice solutions tailored to meet the rigorous demands of regulated industries, as stated in a recent press release.
Innovative Conversational AI for Enterprises
Founded in 2023 by Sameer Fulzele and Shubham Khoker, Rifa AI presents a unique conversational AI platform crafted to enhance customer interactions specifically within regulated sectors. The focus is to assist contact centres in restructuring their operations around intelligent systems rather than relying solely on human effort.
Advanced Voice AI Solutions
According to Rifa AI, the platform implements Voice AI Agents at scale, allowing for seamless integration with existing enterprise systems. By merging advanced AI models with structured decision trees, policy-driven workflows, and backend APIs, it guarantees real-time, independent voice interactions that uphold compliance with industry standards like HIPAA and TCPA.
Potential and Impact on Compliance
Sameer Fulzele, co-founder of Rifa AI, highlighted that the development has been focused on complexity from the outset, and the new funding will facilitate the extension of their platform to a broader range of enterprise clients. The intent is to amplify voice workflows in industries where human interaction has traditionally been vital due to compliance complexities. The critical question remains: can AI agents function effectively in high-stakes environments where it is essential?
Significant Achievements in Voice Interactions
Rifa AI has made remarkable strides, processing over 3 million minutes of customer interactions across various domains, including insurance and financial services. The platform has managed to decrease the number of calls handled by human agents by up to 70%, while facilitating AI voice agents to resolve up to 60% of queries entirely.
Indian Startups Funding Overview: $95 Million Raised This Week
Indian Startups Funding Overview: $95 Million Raised This Week
This week, Indian startups attracted about $95 million in funding, comprising 5 growth-stage and 10 early-stage deals, while 2 companies opted not to disclose their funding amounts.
Growth-Stage Deals
In terms of growth and late-stage funding, the total reached $72.9 million. Smartworks, a proptech company preparing for an IPO, led the way with a pre-IPO round of $20 million. Education-focused NBFC Varthana followed suit, raising Rs 159 crore (approximately $18.5 million) in debt. The clean-label food brand Kehtika also secured $18 million in a Series B round, spearheaded by Narotam Sekhsaria Family Office and Anicut Capital. Additionally, fintech company Credit Wise Capital and Avis Hospital also attracted funding.
Early-Stage Deals
Ten early-stage startups collectively garnered around $22.11 million, with tech-enabled NBFC InPrime Finserv leading the charge by raising approximately $6 million in its Series A round, supported by Pravega Ventures. Other notable mentions include fintech startup Belong, microdrama OTT platform Chai Bisket, home service marketplace Clean Fanatics, and deeptech startup Green Aero. Conversely, cybersecurity startup LdotR and SaaS startup Monetize360 have raised funds without disclosing the exact amounts.
For a complete funding breakdown, various sources can provide more detail.
City and Segment-Wise Deals
Bengaluru-based startups dominated the funding landscape with 6 deals, followed by Delhi-NCR with 4 deals. Companies in Mumbai, Hyderabad, and other locations also secured funding.
Segment-wise, fintech startups reigned supreme with 4 deals. Deeptech and SaaS startups each recorded 2 deals, while sectors like proptech, foodtech, and OTT also saw activity this week.
Series-Wise Deals
Seed funding was the most prominent with 7 deals, while Series A and pre-Series A each secured 2 deals. Additionally, there were deals in pre-IPO, debt, and Series B funding rounds.
Week-on-Week Funding Trend
This week experienced a 67% decline in startup funding, amounting to $95 million, compared to approximately $290.28 million raised the previous week. The average funding over the last eight weeks stands at around $205.24 million, with 21 deals each week.
Key Hirings and Departures
This week featured significant appointments within various companies. CoinDCX, a cryptocurrency exchange, announced Amol Wanjari as the Head of Engineering and Sangeeth Aloysius as the Head of Product. Foodtech major Eternal, formerly known as Zomato, welcomed Aditya Mangla as the CEO of its core food delivery operations. Autodesk appointed Kamolika Gupta Peres as Vice President for its business in India and SAARC.
For more details, various sources can be consulted.
Mergers and Acquisitions
Workspace solution provider Incuspaze acquired VSKOUT, a B2B SaaS offering curated data analytics for the commercial real estate sector, as part of a strategic move to integrate advanced technologies. Additionally, Infinity Fincorp Solution, a non-bank lender in India, entered into a share purchase and subscription agreement with Partners Group, whereby Partners Group will acquire a significant majority stake in the company.
To view a breakdown of series-wise deals along with amounts, various sources can provide insights.
Fund Launches
IndiGo Ventures, the corporate venture capital arm of IndiGo, announced the first close of its inaugural fund at Rs 450 crore. Furthermore, IIT Madras is launching a Rs 200 crore VC fund aimed at supporting early-stage startups, specifically in the deeptech sector.
New Launches and Partnerships
Awfis is branching into the furniture business to explore new revenue streams and reduce costs. Flipkart Ventures has introduced Leap Ahead 4.0 to support early-stage startups. ClearTax launched a multilingual AI solution for filing income tax returns. PhysicsWallah partnered with YCMOU to offer UGC-compliant online degree programmes. Meanwhile, Flipkart collaborated with Pebble to unveil India’s first smart ring featuring digital displays and gesture controls. Dhruva Space formed a partnership with Pixxel, and Shaadi.com ventured into spiritual technology with the new launch of AstroChat.
Financial Results This Week
Redcliffe Labs reported revenue of Rs 419 crore for FY25, while narrowing EBITDA losses. Smartworks reported Rs 1,374 crore in revenue with Rs 62 crore in losses for FY25.
News Flash This Week
Pocket FM is seeking Rs 85.7 crore in damages from KuKu FM, with the rival asserting that the charges are motivated. PhonePe and Google Pay held a combined 82% market share in UPI transactions during June, while BHIM made a return to the top 10 after a prolonged absence. The Enforcement Directorate conducted raids on the opinion trading platform Probo, seizing assets worth Rs 284 crore. Groww maintained its lead over Zerodha and Angel One despite a decline in user numbers in June. A US court held Byju Raveendran in contempt for bypassing bankruptcy orders. LetsVenture has rebranded as LVX and expanded its focus to include growth-stage investment.
On a weekly basis, startup funding fell by 67% to $95 million, compared to around $290.28 million raised the previous week. The legal dispute between Pocket FM and Kuku FM progressed to the Delhi High Court, with Pocket FM suing Mebigo Labs for allegedly plagiarising five audio series and seeking Rs 85.7 crore in damages and a ban on their content and artwork.
India’s UPI network recorded 18.4 billion transactions worth Rs 24.04 lakh crore in June, experiencing a slight decrease compared to the previous month, according to NPCI data. Despite the dip, PhonePe and Google Pay maintained their leadership in the sector, together handling over 82% of UPI transactions by volume. The active user base in the Indian stock market decreased from 49.67 million in January to 47.89 million in June, although it had a 2% month-on-month rise in May. Groww retained its leading position with a 26.27% market share, despite a 1.67% reduction in users, bringing the total to 12.58 million in June, as per NSE data. The Enforcement Directorate also executed raids on opinion-trading platform Probo, seizing assets worth Rs 284.5 crore, with the company under investigation for alleged transgressions of gambling laws under the Prevention of Money Laundering Act.
Cookd, a prominent consumer food brand, has successfully raised Rs 16 crore (approximately $2 million) in its pre-Series A funding round, which was led by Spring Marketing Capital. The investment also saw participation from Eternal Capital, Sun Icon Ventures, and PeerCheque.
Planned Expansion and Product Innovation
Based in Chennai, Cookd aims to use the raised funds to strengthen its market presence in Tamil Nadu, make inroads into Kerala, and enhance product innovation in various categories such as masalas, gravies, and ready-to-use kits.
Diverse Product Offerings
Founded in 2019, Cookd provides an array of cooking essentials, including biryani kits, masalas, pastes, and recipe kits. All products are free from preservatives, prioritising taste, convenience, and control. Customers can find Cookd’s offerings through D2C channels, offline retail, and quick commerce platforms such as Swiggy Instamart, Blinkit, and Zepto.
Market Presence and Growth
With a solid presence in Tamil Nadu, Cookd is now actively expanding throughout South India. The brand currently operates in over 1,600 retail outlets and is a leader in the biryani kit market within the quick commerce sector.
Driving Growth Through Content
The impressive growth of Cookd is supported by its content strategy, boasting over 6 million followers and accumulating more than 150 million monthly video views across various social media channels. By merging product innovation with creator-led content, Cookd employs a chef-influencer model to collect real-time consumer insights and foster trust in its brand.
Backing from Spring Marketing Capital
Spring Marketing Capital’s previous investments include successful brands such as Purplle, Jar, and Giva, underscoring its commitment to nurturing innovative startups.
AstroTalk, a platform dedicated to astrology, is currently in the midst of negotiations to secure a new funding round estimated between $50-100 million, as reported by three informed sources. This new round of funding discussions comes after a 12-month hiatus for the Noida-based company.
One source, who requested anonymity, mentioned that the conversations are progressing with various investors, including some existing financial backers. It is anticipated that this funding round will mark the final stage before the company submits its Draft Red Herring Prospectus (DRHP) for a public listing within the next six months.
Sources indicate that AstroTalk aims to initiate its IPO process in just a few months.
AstroTalk successfully concluded a $14 million funding round in June of the previous year. Thus far, the company has raised a total of $34 million from investors including Left Lane and Elev8 Capital.
According to another source, who chose to remain anonymous due to the confidentiality of the discussions, AstroTalk is aiming for a valuation between $1.3 and $1.5 billion in the upcoming funding round, which is expected to be finalised in the coming months. This represents a significant increase from its previous valuation of $300 million.
If AstroTalk achieves this valuation, it will join the ranks of Jumbotail, Drools, Porter, Netradyne, and Juspay, all of which have become unicorns in the current calendar year (2025).
For those unfamiliar, AstroTalk is an online platform that allows users to consult with professional astrologers via the internet, phone calls, and chat. The platform boasts a network of 45,634 professionals, including astrologers, tarot readers, numerologists, and Vastu experts, and offers personalised predictions and guidance across various domains such as marriage, relationships, career, health, and more.
Under the leadership of Puneet Gupta, the company has demonstrated robust growth over the past two fiscal years. An internal document reviewed by Startup Superb revealed that AstroTalk concluded FY25 with revenues amounting to Rs 1,182 crore and profits exceeding Rs 250 crore. This follows a notable increase in FY24, where they reported revenues of Rs 651 crore and profits of Rs 100 crore.
AstroTalk opted not to comment on this matter.
Recently, AstroTalk expanded its offerings by launching a direct-to-consumer (D2C) vertical that focuses on spiritual and wellness products. This includes services such as puja bookings, gemstones, and astrological remedies. Co-founder Anmol Jain stated that the D2C sector is expected to contribute 25-30% of total revenue while upholding profitability.
The planned IPO is timely, as profitable consumer-tech startups are experiencing renewed interest from investors. If successful, AstroTalk will become the first venture-funded entity in the online astrology sector to enter the public market. The company continues to face competition from established platforms like Astrosage, Astroyogi, GaneshaSpeaks, and InstraAstro.
Clean Fanatics, a leading platform for home services, has successfully raised Rs 17 crore ($2 million) in a seed funding round spearheaded by Inflection Point Ventures (IPV). This funding round also included support from Blume Founders Fund, Let’s Venture (now LVX), Trica, TiE Angels, and various notable angel investors.
The funding will primarily be allocated to team expansion, improvements in technology infrastructure, and the introduction of new service areas, such as civil construction and home renovation.
About Clean Fanatics
Founded by BJ Arun, Clean Fanatics excels in a variety of services like deep cleaning, painting, marble polishing, and home renovation. The business reports a monthly recurring revenue (MRR) of Rs 2 crore in Bengaluru alone, successfully servicing more than 2,500 homes each month.
Growth and Achievements
In the past 24 months, Clean Fanatics has achieved an impressive revenue growth of 8 times, propelled by robust customer referrals and high operational efficiency.
Smartworks, a leading managed office space provider, has successfully secured Rs 174 crore (approximately $20 million) from anchor investors in preparation for its initial public offering (IPO), which will commence for subscription on July 10.
Participation from Esteemed Institutional Investors
The anchor round attracted a dozen institutional investors, including Tata Mutual Fund, Aditya Birla Sun Life, Axis Mutual Fund, and SBI General Insurance. According to a filing with the Bombay Stock Exchange (BSE), Smartworks allocated 42.66 lakh equity shares at Rs 407 each to these anchor investors. Additional contributors to the anchor book comprise Baroda BNP Paribas Mutual Fund, Trust Mutual Fund, Societe Generale, and Buoyant Capital.
Details of the Smartworks IPO
The total size of the Smartworks IPO is Rs 583 crore, with Rs 445 crore expected to be raised from the issuance of new shares. The remaining funds will come from existing shareholders who will sell their shares. The proceeds from this IPO will be utilized for capital expenditures related to the establishment of new centers, repayment or prepayment of certain borrowings, and general corporate purposes.
About Smartworks
Founded in 2016, Smartworks specializes in offering tailored managed office spaces on a long-term lease to businesses. The firm competes with notable players in the flexible office space sector, including WeWork India, Awfis, and Table Space.
Current Operations and Financial Performance
According to the red herring prospectus, as of March 2024, Smartworks operates 41 centres across 13 cities, encompassing over 8 million square feet of available space. In FY25, the company reported revenue from operations amounting to Rs 1,374 crore, a rise from Rs 1,039 crore in FY24. However, net losses saw a 20% increase to Rs 62 crore in FY25, compared to Rs 50 crore in FY24.
Key Dates for the Smartworks IPO
The Smartworks IPO will be available for public subscription from July 10 to July 14, 2025. The company has established a price band of Rs 387 to Rs 407 per share, with a minimum lot size set at 36 shares, which translates to a minimum investment of Rs 14,652 for retail investors.
IndiGo Ventures Launches First Fund Close of Rs 450 Crore
IndiGo Ventures, the corporate venture capital division of IndiGo airline, has announced the successful first close of its inaugural fund, reaching Rs 450 crore. This initiative, which commenced in August 2024, has received regulatory approval from SEBI to aim for a total of Rs 600 crore. The primary focus of IndiGo Ventures is to invest in early-stage startups that are fostering innovation in aviation and its related sectors. The fund is particularly interested in companies at the pre-Series A to Series B stages and seeks to ensure long-term strategic alignment.
With the completion of this first close, the firm has also confirmed an investment in Jeh Aerospace, although the amount remains undisclosed. Jeh Aerospace operates within the aerospace and defence manufacturing sector. This initial funding milestone and subsequent investment signify a progressive step in IndiGo’s innovation agenda, combining operational expertise with necessary capital to support entrepreneurs tackling challenges in aerospace and related fields.
Pieter Elbers, the chief executive officer of IndiGo, stated that this investment not only reinforces the Indo-U.S. aerospace collaboration but also promotes the Make-in-India initiative while accelerating innovation. This contributes significantly towards positioning India as a key global player in aerospace and aviation.
Jeh Aerospace intends to utilise the investment for scaling its digital manufacturing infrastructure, improving its AI-driven production optimisation and supply chain integration systems, as well as attracting key engineering and production talent.
Founded by experienced professionals Vishal Sanghavi and Venkatesh Mudragalla, who are alumni of Tata’s aerospace joint ventures with Boeing, Lockheed Martin, and Sikorsky, Jeh Aerospace offers manufacturing, engineering, and supply chain management solutions tailored for the global aerospace and defence sectors.
In its inaugural year, Jeh Aerospace has successfully grown to a 100-member team comprising engineers and technicians, delivered 100,000 flight-critical aeroengine components and precision tools in compliance with AS9100 standards, and secured $100 million in long-term contracts with leading global aerospace companies.
In January of the previous year, this Hyderabad-based startup raised $2.75 million during a seed funding round led by General Catalyst, with contributions from angel investors such as Pratyush Kumar and Dwarkanath Srinivas.
Chai Bisket Launches Chai Shots: Revolutionising Microdrama OTT
Chai Shots: A New Microdrama OTT Platform by Chai Bisket
Chai Shots is a regional-first, mobile-only microdrama OTT platform launched by the Hyderabad-based company, Chai Bisket. They have successfully raised $5 million in a seed funding round led by InfoEdge Ventures and General Catalyst.
Investor Participation and Support
This funding round attracted a notable group of angel investors, including Rana Daggubati, co-founders of Swiggy Sri Harsha Majety and Nandan Reddy, redBus founder Phanindra Sama, along with several others including Darwinbox co-founder Rohit Chennamaneni and PhysicsWallah co-founders Alakh Pandey and Prateek. Notably, the co-founders of Rapido and Virgio, Amar Nagaram, also contributed.
Startup Superb originally reported this significant development last month.
Target Audience and Content Structure
Chai Shots focuses on delivering fiction content in two-minute episodes specifically aimed at Gen Z and tier II–III audiences. It emphasises premium storytelling that is emotionally engaging and available in multiple regional languages. The platform is designed primarily for viewing on personal mobile devices and plans to launch first in Telugu, with subsequent expansions planned for Tamil, Malayalam, and Kannada.
Leadership and Original Content Strategy
The platform is guided by co-leaders Sharath Chandra, Anurag Reddy, and Krishna Mohan Varma, the latter joining as a co-founder to oversee the technology vision. Within the first six months, Chai Shots plans to release over 100 original shows. It positions itself as a content-meets-tech platform prioritising fictional narratives in a concise format, differentiating itself from user-generated short video platforms.
Competitive Landscape
Last month, another startup, Flick TV, secured $2.3 million in seed funding from Stellaris Venture Partners, with additional backing from Gemba Capital and Titan Capital. Chai Shots will encounter competition from Kuku FM’s Kuku TV, ShareChat’s QuickTV, as well as Reel Saga and Reelies.
Green Aero: Next-Generation Aero Engines for Defence and Civilian Use
Green Aero: Next-Generation Aero Engines for Defence and Civilian Use
Green Aero, an innovative startup in deep tech, is revolutionising the field with next-generation aero engines designed for both defence and civilian applications. Recently, the company secured $1.6 million through a Seed funding round, which was led by pi Ventures, accompanied by investments from Antler.
Based in Delhi, the startup had raised $240K in the same funding round during September 2024, with contributions from Rebalance and other investors.
The funds will be allocated for advancing product development and rigorous testing. Additionally, the company plans to expand its engineering and operational teams, create a state-of-the-art testing facility, and expedite the go-to-market strategy for its inaugural engine, as detailed in a press release from Green Aero.
About Green Aero
Founded in 2023 by Prithwish Kundu, Green Aero is focused on developing core propulsion technology for aerospace, naval, and hydrogen-powered systems, marking a pioneering effort in India for civilian aircraft. The startup is committed to in-house research and development, as well as extensive testing, crafting these technologies from the ground up.
Innovative Aero Engines
Green Aero is striving to create next-generation aero engines that promise to deliver twice the efficiency of currently available global state-of-the-art models. The engines will incorporate a proprietary turbine technology, establishing a world-first in aero engine design.
Future Developments in Propulsion
Looking towards the future, Green Aero is also expanding the realm of supersonic propulsion, made possible by the high-thrust performance envelope of their engines. Simultaneously, the company is working on a green hydrogen-powered engine designed to provide a highly efficient, zero-emission alternative to traditional aircraft propulsion systems.
Commercialisation Plans
Green Aero aims to commercialise its first engine in the small category within the next year. The company has already achieved a significant milestone with the successful test firing of India’s first hydrogen-powered aero engine core, named ‘The Blue Dragon’.
Drone technology startup Enercomp Solutions has successfully secured Rs 2 crore in a bridge funding round, primarily led by angel investors. This funding round was advised and facilitated by Bestvantage Investments, a boutique investment advisory firm that connects rapidly growing startups with strategic capital across India and the Middle East.
The funds raised will be allocated towards expanding manufacturing capabilities, enhancing research and development for AI-driven drone software, and building delivery infrastructure for large-scale national deployment initiatives.
Enercomp’s Future Plans
Enercomp plans to invest Rs 8 crore strategically over the next year to bolster its intellectual property, product lineup, and execution capabilities.
Company Overview
Founded in Ahmedabad, Enercomp Solutions operates at the crossroads of hardware, software, and services. The startup’s integrated offerings include in-house drone manufacturing, Drone-as-a-Service (DaaS), and a proprietary GIS analytics platform.
Innovative Drone Models
Enercomp asserts that it has developed seven proprietary drone models, which include VTOL, fixed-wing, and surveillance variants. These models are currently being actively deployed in both commercial and governmental projects.
With product sales accounting for 70% of its revenue, Enercomp has established a client base that includes prominent firms such as Tata Projects, Reliance, Mahindra Susten, L&T, and various government agencies. Its software dashboard is widely used for real-time, mission-critical data analysis by clients in the enterprise and public sectors.
Financial Performance
Enercomp claims to have experienced growth from Rs 3.1 crore in FY23 to Rs 5.6 crore in FY24, all while maintaining profitability. The company reports that it has already achieved Rs 4.2 crore in revenue for FY25, with an active order book exceeding Rs 9 crore.
So far, the startup has amassed Rs 6.9 crore through previous funding rounds, resulting in a significant increase in its valuation from Rs 12.5 crore to Rs 60 crore. The founding team retains more than 80.5% equity, including a 4% Employee Stock Ownership Plan (ESOP) pool.
