BharatGPT maker CoRover has secured $4 (around INR 33.4 Cr) Mn in a Series A funding round led by Venture Catalysts to scale its large language model based conversational AI chatbots.
With the latest fundraise CoRover aims to further develop its technology, expand its team of AI experts and accelerate its go-to-market strategy.
The company has been profitable for last three years, maintaining consistent profit margin.
BharatGPT maker CoRover has secured $4 (around INR 33.4 Cr) Mn in a Series A funding round led by Venture Catalysts to scale its large language model based conversational AI chatbots.
Other investors included CanBank Venture Capital Fund (CVCFL), IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, Lead Angels among others.
With the latest fundraise CoRover aims to further develop its technology, expand its team of AI experts and accelerate its go-to-market strategy.
“We’ve been profitable for the last three years, maintaining a consistent profit margin, but with a smaller revenue,” Ankush Sabharwal, founder and CEO of CoRover, told Inc42.
Sabharwal further adds that with the funding round secured, the company’s current focus is on scaling. “So far, we’ve concentrated on platform technology, implementing use cases, and partnering with good clients,” said Sabharwal.
Sabharwal told Inc42 that the company currently has more than 900 leads, and is struggling to turn the leads into business. According to him, the company didn’t even have a dedicated sales team, and that most of the clients came through inbound channels.
“Now, we’re figuring out how to manage these leads effectively. With this funding, we’ll hire more staff to handle these leads without relying heavily on outbound sales. We want to convert deals more quickly and ensure successful implementation,” he said.
The company also plans to focus on enhancing its Enterprise (B2G and B2B), B2B2C, and B2C offerings.
It is also exploring new revenue streams through subscription-based models, ad-based revenue, and transaction-based fees.
Founded by Ankush Sabharwal, Kunal Bhakhri, and Manav Gandotra, CoRover is known for its LLM BharatGPT, CoroAssist– a secure Gen AI based copilot for enterprises.
The company also has built eSevak (Conversational Citizen Grievances Management), AskDISHA (at Indian Railways & IRCTC), Ask PAi (at NPCI), AskMitra (at LIC), Chetna (at DMRC), and SEVA (at SEBI).
While the company is largely known for its partnership with government entities, only 25% of the total revenue comes from the B2G business, the rest coming from the private sector.
Speaking on the rising competition in the Indian AI market, with the new entrants like Ola’s Krutrim AI, Sabharwal said that there are enough use cases and problems to solve that even with new entrants, we can continue to grow.
“The demand for AI solutions is vast, and we still have plenty of room for improvement,” said Sabharwal.
Earlier this year, Sabharwal said in an Inc42 event that the company shuttered its operations in the US and UK to focus on Indian business.
According to Inc42’s latest ‘India’s Generative AI Startup Landscape, 2023’ report, the country’s GenAI market is expected to grow exponentially in the next few years, surpassing $17 Bn by 2030 from $1.1 Bn in 2023, growing at a CAGR of 48%.
