Agentic AI startup Revrag AI has raised USD 2.5 million (about Rs 24 crore) in a seed funding round led by Accion Ventures, with participation from Cedar Hill Capital, Wyser and Venture Catalysts, as per a media report. The startup will use the funds to accelerate product development and expand into the US market.
Founded in 2023 by Ashutosh Singh, Neeraj Gupta and Pankaj Gupta, Revrag AI initially operated as a savings-focused fintech platform before pivoting to a software-as-a-service (SaaS) model in early 2025. The founders identified customer onboarding as a challenge for financial services companies, where repetitive data entry, multiple verification steps and extensive documentation can slow down the process.
The startup now develops autonomous AI agents designed to streamline customer onboarding, sales and support for banks and fintech companies. Its agents function as virtual relationship managers integrated into financial institutions’ applications, helping customers navigate financial products and complete processes.
Beyond onboarding, the platform supports product sales, customer service and real-time multilingual assistance. The company aims to reduce customer drop-offs, particularly among users who face difficulties understanding financial terminology or navigating English-language digital interfaces.
According to co-founder and CEO Ashutosh Singh, the company’s solutions can reduce costs by up to 70 per cent compared with traditional channels while supporting revenue generation. The startup plans to remain focused on automating customer-facing processes in financial services rather than expanding into unrelated use cases.
Revrag AI is also investing in its own multimodal small language models (SLMs) to bring more of its technology in-house. Its existing platform is built using third-party proprietary models.
The US is a key target market for the startup, given the scale of its financial services industry, which includes insurance, credit cards and lending. The company sees an opportunity to provide AI-based automation solutions to financial institutions operating in the market.
Revrag AI previously outlined plans to introduce a no-code flow builder and expand its presence across the Indian and US banking, financial services and insurance (BFSI) markets. It has also identified AI-led cross-selling, real-time risk scoring and automated claims handling as areas for future development.
The startup aims to achieve USD 50 million in annual recurring revenue (ARR) by FY28. It currently serves more than 45 customers in India, including PhonePe, Razorpay, Bajaj Finance, Motilal Oswal and IIFL.
Before the latest round, Revrag AI raised USD 1 million from Powerhouse Ventures and angel investors, including Kunal Shah.
The funding comes amid growing adoption of artificial intelligence across financial services. The global AI in fintech market is estimated to reach USD 45.53 billion in 2026 and is projected to exceed USD 241 billion by 2034, growing at a compound annual growth rate of 23.20 per cent.
