Revrag.ai has raised USD 2.5 million, or about Rs 24 crore, in a seed funding round led by Accion Ventures. The Bengaluru-based startup builds autonomous AI agents for lenders and insurers.
Cedar Hill Capital, Wyser and Venture Catalysts also backed the round. RevRag will use the money to speed up product development and expand into the US market.
What RevRag Builds
RevRag offers autonomous AI agents that work as in-app virtual relationship managers. They sit inside a financial institution’s own app rather than in a separate tool.
Read More: Nandan Nilekani-Backed Fundamentum Raises Rs 3,000 Crore For AI, Deeptech
The agents handle customer onboarding and product sales, run support functions and give real-time help in multiple languages. The idea is to cut conversion drop-offs, especially for users who are new to formal finance.
Read More: Spill Games Raises $10.5 Million Series A Led By Elevation Capital
That group matters to lenders. Many customers have limited trust in digital systems and struggle with financial terminology or English-only interfaces. An agent that answers in their own language removes one layer of friction.
RevRag says its offering can save up to 70 percent of costs compared with traditional channels while also adding to revenue. Those are the company’s own numbers.
The Pivot From Fintech To SaaS
RevRag was founded in 2023 by Ashutosh Singh with schoolmates Neeraj Gupta and Pankaj Gupta. It started as a savings-oriented fintech platform.
The pivot came from a problem the founders kept running into. Fintech users had slick interfaces and fast payments, but onboarding them still meant repetitive data entry, multiple verifications and heavy documentation.
They rebuilt the company as a SaaS platform early in 2025. RevRag now sells into that onboarding and sales gap rather than trying to be a consumer finance app itself.
Ashutosh Singh, cofounder and CEO, said the US has a large financial services market spanning insurance, credit cards and loans. He said competition in the specific category RevRag is building in is still limited.
Traction So Far
RevRag says it serves more than 45 customers in India. That list includes PhonePe, Razorpay, Bajaj Finance, Motilal Oswal and IIFL.
The company previously raised USD 1 million from Powerhouse Ventures and angel investors including Kunal Shah. It has also said it plans to build a no-code flow builder and deepen its presence in Indian and American BFSI markets.
One more item on the roadmap is going in-house on technology. The platform currently runs on third-party proprietary models, and RevRag wants to fine-tune its own multimodal small language models.
What It Is Aiming At
RevRag has said it wants to reach an annual recurring revenue of USD 50 million by FY28. It has lined up AI-led cross-selling, real-time risk scoring and automated claims handling as the next set of products.
The startup also says it will stay focused on this problem statement rather than expanding into unrelated use cases. That is a deliberate choice in a market where AI startups often widen their pitch before the first product is proven.
The wider market is growing quickly. The global AI in fintech market is valued at USD 45.53 billion in 2026. It is projected to cross USD 241 billion by 2034, at a compound annual growth rate of about 23.2 percent.