AI-based conversation intelligence platform Convin has raised $6.5 million in a Series A funding round led by India Quotient, with participation from new investor JSW Ventures and existing supporters Kalaari Capital, Titan Capital Winners Fund, Sparrow Capital, and 9Unicorns. The company plans to use the funds to expand its core team and broaden its distribution channels.
Over the past year, Convin has seen remarkable growth, tripling its client base to serve over 80 companies, including well-known brands like Reliance Nippon, Titan, Puravankara, Thyrocare, and LazyPay. “We’ve raised funds with two key goals in mind. First, we aim to bring greater predictability in various aspects of our business, particularly in product development and customer acquisition. This will accelerate growth across these areas,” said Ashish Santhalia, CEO of Convin. “Second, we’re focused on strengthening our team by recruiting top talent and building a senior leadership team to guide us through the next phase of growth.”
Convin, founded in 2021 by IIT Delhi alumni Ashish Santhalia, Bharat Patidar, Atul Shree, and Durgesh Choudary, offers AI-driven solutions for customer-facing teams in sales, support, and collections. The platform uses advanced tools to monitor and analyze agent-customer interactions, enhancing efficiency. Gagan Goyal, General Partner at India Quotient, commented, “At India Quotient, we are optimistic about the transformative potential of AI-driven copilots for the call center industry with Human-in-the-Loop. Convin’s focus on boosting agent productivity and customer retention, backed by a strong team, makes this investment an exciting opportunity.”
The Convin platform is divided into three main product suites: Real-Time Suite, Post-Interaction Suite, and Convin Insights Suite. These address critical issues such as agent inefficiencies, misselling, low conversion rates, and poor customer experiences across sectors including banking, insurance, finance, e-commerce, edtech, and retail.
Convin’s proprietary in-house large language model, Convin LLM, is central to its offerings. With 7 billion parameters, it is tailored specifically for Indian contact centers, supporting over 35 languages, including 23 Indic languages. Trained on more than 200 billion tokens, the company claims Convin LLM outperforms GPT-3.5 by 40% and GPT-4 Turbo by 20% in accuracy. “Our team has meticulously pre-trained and fine-tuned a large language model, specifically designed to support Indic languages and adapt to the unique demands of Indian contact centers. The distinct accents, specialized terminologies, and cultural nuances in our communication require a model that is deeply embedded in this context, something that off-the-shelf models simply can’t provide,” Santhalia noted.
Looking ahead, Convin plans to develop an even more advanced model, exceeding 7 billion parameters, aiming to deliver solutions that provide ten times the value to its clients. The company projects a 200% increase in customers and a threefold revenue boost in the 2024-25 period. “Convin has rapidly scaled their AI-driven products for customer-facing teams, achieving strong market fit. With this investment, they’re set to reach new milestones in product development, technology, and sales, positioning them to seize opportunities in the AI-driven contact center space,” said Sachin Tagra, Managing Partner at JSW Ventures.
Convin’s recent achievements include being recognized in G2’s Best Software Awards 2024, securing top positions in the ‘Best AI Products’ and ‘Top 100 Software Products’ categories.
