Archive · 30 Jun 2025
RevRag.AI Aims to Revolutionize BFSI Onboarding with AI
Imagine a helpful robot for banks and financial companies.
RevRag.AI is building these robots to make it easier for people to sign up for services online.
These robots speak different languages and guide users through steps like filling out forms.
They also help with things like verifying your identity and making payments.
This helps prevent people from giving up during the process, which is good for both customers and the financial companies.
The company charges based on how much the robots are used, and they plan to grow big by helping financial companies worldwide.
RevRag.AI, a Bengaluru-based startup, creates AI agents to streamline digital onboarding in the BFSI sector.
The startup's AI agents assist users through KYC, form completion, and payments in multiple languages.
RevRag.AI aims to reduce user drop-offs and boost conversion rates by up to 25% for banks and fintechs.
The company uses a usage-based pricing model, charging clients based on AI voice minutes or text generations.
RevRag.AI aims for a $5 million topline by the end of the fiscal year and targets $50 million ARR by 2028.
- Who
- RevRag.AI, a startup founded by Ashutosh Prakash Singh, Neeraj Gupta, and Pankaj Gupta.
- What
- RevRag.AI builds AI agents to improve digital onboarding for BFSI firms.
- When
- The startup rolled out in 2023, aiming for significant revenue growth in the coming years.
- Where
- Based in Bengaluru, India, but aims to expand globally.
- Why
- To reduce friction in digital onboarding processes in the BFSI sector, improve conversion rates, and reduce operational costs.
Challenges Faced
Strategies for Success
Building Trust
Challenges Faced
Winning the trust of enterprises, especially without affiliation to tech giants.
Strategies for Success
Overcoming it by putting enterprise-grade security frameworks, strategic offering of on-premises deployment, and forming an evangelist board with former bank CXOs.
Technical hurdles
Challenges Faced
Building an accurate, responsive voice AI for Indian languages and dialects was a technically challenging task
Strategies for Success
Refined speech models using datasets in regional languages to enhance accuracy in names and accents.
Pivoting product
Challenges Faced
Changing the product direction might lead to alienating early adopters.
Strategies for Success
It allowed them to focus on building what customers actually wanted and achieved success.
- Headquarters
- Bengaluru, India
- Founded
- 2023
- Focus
- AI-powered digital onboarding
- Target Clients
- Mid-to-large banks, insurers, and fintech firms
- Pricing Model
- Usage-based (AI voice minutes/text generations)
- Current ARR
- $50K (after product pivot)
- Goal ARR by 2028
- $50 Mn
- Funding Raised
- $600K