Bengaluru-based RevRag AI, a generative AI startup developing AI-powered relationship managers for financial services providers, has raised $2.5 million in a seed funding round led by Accion Ventures and Cedar Hill Capital. Wyser and Venture Catalysts also participated in the round.
The fresh capital will support product development, additional enterprise deployments and the company’s planned expansion into the United States. The funding follows RevRag AI’s pre-seed round in 2024, when it raised $600,000 from Powerhouse Ventures and angel investors, including CRED founder Kunal Shah and Viral Bajaria of 6Sense.
AI Relationship Managers for Financial Services
RevRag AI develops multilingual AI agents that operate directly within the mobile and web applications of banks, lenders, fintech companies and insurance providers. These agents function as digital relationship managers, guiding customers through onboarding, sales and support journeys.
Unlike conventional chatbots that operate separately from an application’s core customer journey, RevRag’s embedded AI agents are designed to understand the context of a user’s actions and provide assistance at relevant stages.
For instance, during customer onboarding, an agent can guide users through Know Your Customer (KYC) verification, document uploads and account activation. If a customer encounters difficulties, the agent can clarify requirements, suggest alternatives or connect the user with a human relationship manager when necessary.
The company aims to help financial institutions reduce customer drop-offs, improve digital adoption and increase revenue while lowering servicing costs. According to RevRag AI, its solutions can help companies deliver these services at up to 70% lower cost.
Addressing India’s Digital Financial Adoption Gap
Despite the widespread availability of financial accounts in India, the adoption of digital financial services remains a challenge for many users.
The press release cites the World Bank’s Global Findex 2025 data, stating that nearly 90% of Indian adults have financial accounts, while only 54% of account holders use digital payments.
RevRag AI identifies language barriers, limited familiarity with financial terminology and a lack of trust in fully digital systems as factors that can prevent underserved customers from completing financial journeys.
Traditional call-centre support can also be constrained by standardised scripts and limited visibility into a customer’s real-time activity within an application.
By embedding multilingual AI agents directly into financial platforms, RevRag aims to provide contextual guidance that helps customers navigate digital services more confidently.
Serving More Than 45 Financial Institutions
RevRag AI currently works with more than 45 financial institutions, according to the company. Its clients include PhonePe, Bajaj Finance, Motilal Oswal, IIFL, Aditya Birla Capital, Aditya Birla Money, DCB Bank, Jar, Moneyview, Razorpay, Kissht and Easebuzz.
The company’s embedded agents are designed to support customer journeys across banking, lending, fintech and insurtech, helping institutions manage large volumes of customer interactions while retaining a personalised experience.
As financial services providers deepen their digital offerings, the company sees an opportunity to make AI-powered guidance a standard part of the customer experience rather than a separate support function.
Founders on the Funding Round
Commenting on the fundraise, Ashutosh Singh, Founder and CEO of RevRag AI, said the company wants every financial application to offer the kind of guidance traditionally associated with a relationship manager.
He noted that the company has already demonstrated its approach with some of India’s largest financial institutions and plans to use the funding to strengthen its product and execution.
Rahil Rangwala, Managing Partner at Accion Ventures, said RevRag’s AI-powered in-app agents could help financial institutions serve people with limited digital and financial literacy. He highlighted the importance of building trust to make financial services more accessible and usable.
Sahil Anand, Managing Partner at Cedar Hill Capital, said RevRag’s ability to operate within customer journeys, rather than outside them, could become increasingly important as financial institutions build more sophisticated digital experiences. He also highlighted Cedar Hill Capital’s financial-services network as a resource to support the company’s market expansion.
Expansion and Product Development
The new funding will enable RevRag AI to advance its product development, expand enterprise deployments and establish a presence in the US market.
The company’s approach centres on integrating AI into existing financial applications and workflows, allowing institutions to support customers during critical interactions without requiring them to switch between channels.
Its broader objective is to help financial institutions improve onboarding completion, customer engagement and product adoption while making digital financial services easier to navigate for underserved populations.
About RevRag AI
Founded by Ashutosh Prakash Singh, Neeraj Gupta and Pankaj Gupta, RevRag AI is a Bengaluru-based generative AI startup developing multilingual AI calling agents and embedded in-app solutions for banking, financial services, insurance and fintech companies.
Its AI relationship managers provide contextual guidance across digital onboarding, customer support and sales journeys. With its latest $2.5 million seed round, the company plans to strengthen its technology, increase enterprise deployments and expand internationally.
By : Vanshika Tayal
