Voice AI startup Fundamento has raised $1.9 million in a pre-Series A funding round, led by IIFL Fintech Fund, with participation from key investors across the technology and venture ecosystem. The funding will be used to accelerate product innovation, strengthen its AI infrastructure, and expand its enterprise customer base across India and international markets.
Founded in 2023 by Karan Mehta, Gautam Raj Anand, and Rajul Garg, Fundamento focuses on building AI-powered voice automation systems that enable businesses to enhance customer engagement through natural language interactions. The company’s core offering is designed to simplify how organizations handle large volumes of customer interactions, particularly in sectors such as banking, financial services, insurance, and e-commerce.
The investment marks a strong endorsement of India’s growing AI voice technology sector, which has seen rising demand from enterprises looking to automate customer support and streamline communication workflows. According to industry estimates, India’s conversational AI market is projected to grow at over 20 percent annually through 2028, driven by digital transformation and multilingual voice adoption.
Speaking about the funding, Karan Mehta, Co-founder and CEO of Fundamento, said, “We are building a new layer of automation that makes business communication more human-like and efficient. The support from IIFL Fintech Fund will help us scale faster, refine our technology, and deliver better experiences to our clients. We see significant potential in sectors like finance, healthcare, and logistics where AI-driven voice interfaces can transform customer experience.”
The company’s platform uses advanced natural language processing (NLP) and speech synthesis to power real-time voice conversations in multiple Indian languages. This multilingual capability positions Fundamento as a promising player in India’s rapidly expanding vernacular AI ecosystem. Its voicebots are currently being deployed for tasks such as customer onboarding, lead qualification, collections follow-ups, and query resolution, enabling enterprises to reduce call center costs while improving accuracy and engagement.
The lead investor, IIFL Fintech Fund, is known for backing innovative startups in AI, fintech, and data analytics. Commenting on the investment, Anirudh Damani, Managing Partner at IIFL Fintech Fund, said, “Fundamento is building an AI-first company with strong technological depth and a clear enterprise focus. As businesses shift toward voice-led engagement, the company’s ability to deliver scalable, multilingual, and efficient solutions positions it well for long-term growth.”
The round also saw participation from prominent angel investors and early-stage venture partners, reflecting confidence in Fundamento’s approach to building India-centric AI infrastructure.
Fundamento’s founders bring together extensive experience from the startup and enterprise technology sectors. Karan Mehta previously co-founded Code Brew Labs, while Gautam Raj Anand has a background in digital storytelling and AI-driven product strategy. Rajul Garg, an experienced entrepreneur and investor, has been instrumental in guiding the company’s go-to-market strategy and enterprise partnerships.
The startup’s mission aligns with a broader shift in India’s AI landscape, where companies are increasingly adopting voice-first interfaces to reach users beyond traditional urban markets. With India’s linguistic diversity and smartphone penetration, the need for AI systems that understand and respond in regional languages is becoming a crucial differentiator for technology adoption.
In recent months, Fundamento has onboarded several enterprise clients in banking and insurance, where the demand for conversational automation is rising due to the increasing volume of customer service interactions. Its solutions are also gaining traction among startups seeking scalable and affordable ways to manage customer outreach.
The company plans to use the newly raised capital to expand its engineering team, enhance product R&D, and strengthen its proprietary speech-to-text and sentiment analysis technologies. Additionally, it aims to explore partnerships with cloud service providers and API platforms to ensure wider integration across enterprise systems.
According to market analysts, the timing of this funding round coincides with a major wave of AI-driven automation in India’s financial sector. With digital lending, payments, and customer onboarding processes becoming increasingly voice-enabled, startups like Fundamento are expected to play a key role in supporting financial inclusion and improving accessibility.
Industry experts say that voice AI has evolved from being a call center tool to a strategic customer engagement technology. “The next phase of AI innovation in India will be voice-led. With the right data, design, and contextual intelligence, voice AI will not only reduce operational costs but also redefine how brands communicate with their audiences,” said Richa Singh, an AI strategy consultant based in Bengaluru.
Beyond India, Fundamento is exploring opportunities in Southeast Asia and the Middle East, where multilingual voice automation is also gaining traction. Its product roadmap includes integrating generative AI capabilities that can handle more complex and empathetic conversations, moving beyond simple scripted responses.
The company’s expansion comes at a time when global interest in AI-enabled voice and chat solutions is accelerating, led by players such as OpenAI, ElevenLabs, and Google DeepMind. However, Fundamento’s focus on localized and compliance-ready AI models gives it a strategic edge in enterprise deployment, especially in regulated industries.
In addition to scaling its technology, the company plans to invest in ethical AI practices, ensuring data privacy and responsible model training aligned with India’s evolving AI policy framework.
The funding from IIFL Fintech Fund adds momentum to a year that has seen significant venture activity in India’s AI ecosystem. Several early-stage startups in the voice and conversational AI segment have raised capital in 2025, reflecting investor confidence in the market’s long-term potential.
As Fundamento advances its mission to make voice the new interface for business communication, its latest funding round positions the startup to strengthen its technology stack and deepen enterprise adoption across multiple sectors.