AI voice company ElevenLabs is planning to invest “hundreds of millions of dollars” in India as it expands its local operations, develops AI models for Indian languages and strengthens its presence in one of the world’s key AI markets.
The London-based company’s co-founder Mati Staniszewski said the investment will support local teams, model development and work focused on Indian languages. The company has not disclosed the exact investment amount.
ElevenLabs is also open to making acquisitions in India, although Staniszewski did not reveal any potential targets.
Global AI companies have increased their focus on India over the past year. OpenAI and Anthropic have opened their first India offices and expanded local partnerships, while Amazon, Microsoft and Google have announced multibillion-dollar investments in AI, cloud and data centre infrastructure.
ElevenLabs, which is backed by Nvidia, doubled its valuation from February to $22 billion in September. Founded in 2022, the company develops AI voice technology that can convert text into speech and perform tasks such as processing refunds, renewing insurance policies and booking appointments.
Its Indian customers include edtech company Physicswallah, electrical equipment maker Havells and fintech company Razorpay.
The company also plans to work with the Karnataka government on initiatives using voice AI to make public services more accessible. Another planned application involves AI-powered voice restoration technology for people who cannot speak.
ElevenLabs’ investors include Nvidia, Wellington, T. Rowe Price, Andreessen Horowitz, Lightspeed, EQT and Goldman Sachs.
Karthik Rajaram, General Manager and Country Leader for India, said ElevenLabs has worked with 250 enterprises in the region. The company has also recorded 100 million annual AI-agent conversations across 14 Indian languages, supported by a growing developer ecosystem and an expanding library of Indian voices.
“So what’s striking is that it is not just only the size of the opportunity that we have in the country. It is the sheer breadth and complexity of the market that we have.”
The expansion reflects ElevenLabs’ broader focus on developing voice AI for local markets while building teams, technology and partnerships in India.
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