About AI as a Service sector in India
The AI as a Service sector in India comprises 983 companies, including 250 funded companies having collectively raised $4.33B in venture capital money and private equity. Out of these, 70 are Series A+ funded, and 5 have achieved unicorn status.
AI as a Service sector in India has seen 20 acquisitions and 3 IPOs.
This sector includes companies that provide access to AI capabilities via cloud platforms, APIs, or subscription-based models, allowing businesses to integrate AI functionality without building or maintaining the underlying infrastructure.
AI as a Service sector is also known as AI as a Service Solutions, Advanced AI as a Service or Digital AI as a Service.
This includes cloud-based AI platforms offering pre-built models, APIs for text, speech, image, or data analysis, machine learning training and deployment services, and AI tools for analytics, recommendation engines, or process automation. Also covers managed AI services that provide model customization, monitoring, and support. Excluded are AI solutions that require on-premise installation without cloud or API access, standalone software that does not provide AI functionality as a service, and consulting or implementation services that do not offer ongoing AI capabilities via a platform or API.
Top AI as a Service Companies in India
There are 983 AI as a Service startups in India which include Sarvam, Emergent, Qure.ai, Atomicwork, HyperVerge. Out of these, 250 startups are funded, with 70 having secured Series A+ funding, and 5 achieving unicorn status.
2026 has seen the creation of 105 AI as a Service startups in India. Over the past 10 years, an average of 78 new companies have been launched annually. Notably, several of these startups have been founded by alumni of IIT Delhi, BITS Pilani and IIT Bombay.
Here is the list of top AI as a Service startups in India
1. Sarvam
Developer of a full-stack generative AI platform designed to build sovereign AI ecosystems for enterprises and governments. The platform provides sovereign models that understand cultural and linguistic diversity, enabling the creation of AI agents and applications tailored for specific needs. It offers infrastructure for serving models efficiently, including voice agents, speech-to-text, text-to-speech, and document digitisation capabilities. The technology supports enterprise workflows through secure, scalable, and compliant deployment options, allowing organizations to integrate advanced language processing into their products and services.
Key facts about Sarvam
- Founded Year: 2023
- Location: Bengaluru (India)
- Stage: Series B
- Total Funding till date: $387M
- Investors: Lightspeed Venture Partners, Avvanti Advisors and 31 Others
- Latest Funding Round: Series B, Aug 04, 2026, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 5 of 346 Competitors
2. Emergent
Developer of platforms that build full-stack applications using AI. The system transforms natural language prompts into production-ready software through a coordinated team of specialized agents. These virtual specialists manage the architecture, database design, backend infrastructure, and frontend development. The platform automates testing and deployment, providing users with functional applications and full ownership of the resulting codebase via source control integration.
Key facts about Emergent
- Founded Year: 2024
- Location: San Francisco (United States)
- Stage: Series C
- Total Funding till date: $230M
- Investors: SoftBank Vision Fund, Lightspeed Venture Partners and 13 Others
- Latest Funding Round: Series C, Jul 15, 2026, $*****
- Tracxn Score: 74/100 What is this?
- Competitors Rank: 8 of 1,151 Competitors
3. Qure.ai
Developer of artificial intelligence software for medical imaging diagnostic analysis. This technology integrates with existing radiology hardware to identify abnormalities in chest scans. The software assists clinicians in detecting lung nodules, tuberculosis, and signs of stroke. It provides automated reporting and workflow coordination tools to support diagnostic decision-making processes. The platform facilitates the management of patient care pathways by flagging findings for review.
Key facts about Qure.ai
- Founded Year: 2016
- Location: Mumbai (India)
- Stage: Series D
- Total Funding till date: $123M
- Investors: HealthQuad, 360 One and 49 Others
- Latest Funding Round: Grant (prize money), Jan 22, 2026, $*****
- Tracxn Score: 74/100 What is this?
- Competitors Rank: 1 of 732 Competitors
4. Atomicwork
AI based platform to streamline the IT service management and employee experience processes. It offers AI solution for automating IT workflows and HR support and employee success. It enables employees by connecting them with the tools and teams. Its AI Assistant answers employee questions and service requests via chatbots integrated with collaboration tools including Slack and Microsoft Teams. Features include a conversational AI assistant, out of the box automation, customizable workflows, asset management, incident management, and employee self service.
Key facts about Atomicwork
- Founded Year: 2022
- Location: Palo Alto (United States)
- Stage: Series A
- Total Funding till date: $40.3M
- Investors: Z47, Blume Venture and 9 Others
- Latest Funding Round: Series A, Sep 17, 2025, $*****
- Tracxn Score: 72/100 What is this?
- Competitors Rank: 1 of 89 Competitors
5. HyperVerge
Provider of end-to-end KYC software and identity verification solutions. The company offers a platform to launch onboarding journeys, while remaining compliant. It provides modules, APIs, a no-code workflow builder, analytics dashboard, and integrations marketplace. The company's services include identity verification, video KYC, OCR software, face authentication, and anti-money laundering. It also offers solutions for digital KYC stack, KYB/entity verification, financial data validation, onboarding face validations, AML, and digital signature.
Key facts about HyperVerge
- Founded Year: 2014
- Location: Bengaluru (India)
- Stage: Seed
- Total Funding till date: $1.55M
- Investors: New Enterprise Associates, IKP Knowledge Park and 6 Others
- Latest Funding Round: Seed, Aug 18, 2015, $*****
- Tracxn Score: 72/100 What is this?
- Competitors Rank: 3 of 233 Competitors
Companies founded year-on-year in the AI as a Service sector in India
105 new startups have been founded so far in 2026 in the AI as a Service sector in India. 153 AI as a Service startups in India were founded in 2024 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | 105 |
2025 | 141 |
2024 | 153 |
2023 | 126 |
2022 | 67 |
2021 | 53 |
2020 | 41 |
2019 | 43 |
2018 | 24 |
2017 | 34 |
Stage-wise distribution of AI as a Service sector companies in India
Out of the total 983 AI as a Service companies in India, 250 have secured funding. Among them, 70 have reached Series A or higher, and 42 to Series B or beyond.
Founded - 983
Funded - 250
Series A+ - 70
Series B+ - 42
Series C+ - 29
Company Stage | No. of companies |
|---|---|
Founded | 983 |
Funded | 250 |
Series A+ | 70 |
Series B+ | 42 |
Series C+ | 29 |
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Funding Trends in the AI as a Service sector in India
Total funding year-on-year in the AI as a Service sector in India
The AI as a Service sector in India saw a total funding of more than $4.3B in the last 10 years. The most amount of funding has been in 2026 at more than $1.41B till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $1.41B |
2025 | $583M |
2024 | $865M |
2023 | $139M |
2022 | $597M |
2021 | $389M |
2020 | $179M |
2019 | $83M |
2018 | $32.2M |
2017 | $19.6M |
Recent Funding Rounds in AI as a Service in India
In the year 2026, till October 2026, AI as a Service companies in India have raised $1.4B in equity funding across 30 rounds.
In the same period last year (i.e. till October 2025), AI as a Service companies in India had raised $479M across 55 rounds.
So, 2026 has seen a 193.19% rise in funding in AI as a Service companies in India as compared to 2025.
Here are some recent, important funding rounds in AI as a Service companies in India:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series B | 6033 | Oct 27, 2026 | ||
Seed | 7898 | Oct 22, 2026 | and 4 more | |
Series B | 3122 | Oct 20, 2026 | ||
Series A | 2049 | Oct 19, 2026 | and 8 more | |
Seed | 7528 | Oct 07, 2026 |
Top Investors in AI as a Service in India
Accel is the top investor in AI as a Service companies in India based on number of companies invested.
Here are some top investors in AI as a Service companies in India:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Palo Alto (United States) | ||
Menlo Park (United States) | ||
Cambridge (United States) | ||
Redwood City (United States) | ||
Bengaluru (India) |
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M&A activity in AI as a Service sector in India
In the year 2026, till October 2026, 3 acquisitions happened in AI as a Service sector in India. Last year, in 2025, a total of 6 acquisitions happened in AI as a Service sector in India.
Here are some recent, important acquisitions in AI as a Service sector in India:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Oct 27, 2026 | ||
Business Acquisition | Jul 09, 2026 | ||
Acqui-Hired | Apr 08, 2026 | ||
Business Acquisition | Dec 19, 2025 | ||
Business Acquisition | Nov 25, 2025 |
Acquisition trends in AI as a Service sector in India
Here are the acquisition trends in AI as a Service sector in India:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 3 |
2025 | 6 |
2024 | - |
2023 | 2 |
2022 | 5 |
2021 | 2 |
2020 | - |
2019 | 2 |
2018 | - |
2017 | - |
IPOs in AI as a Service in India
In the year 2018, till May 2018, 1 IPO happened in AI as a Service sector in India.
Here are some recent, important IPOs in AI as a Service sector in India:
Company | IPO Date | Exchange Symbol |
|---|---|---|
May 15, 2018 | National Stock Exchange (NSE) |
Colleges which produce the most AI as a Service companies in India
Companies founded by alumni from top colleges in the AI as a Service in India
Most number of AI as a Service startups in India have been founded by alumni from IIT Delhi, BITS Pilani and IIT Bombay.
College | No. of companies |
|---|---|
IIT Delhi | 31 |
BITS Pilani | 30 |
IIT Bombay | 30 |
IIT Kharagpur | 25 |
IIT Kanpur | 23 |
IIM Ahmedabad | 11 |
IIT Madras | 11 |
IIT Roorkee | 11 |
IIM Bangalore | 10 |
IIM Calcutta | 8 |
Total funding in AI as a Service companies founded by alumni from top colleges in India
In the last 10 years, IIT Delhi graduates' AI as a Service companies in India have raised the most funding among top colleges. IIT Bombay alumni are second, and Carnegie Mellon University alumni are third.
College | Total Funding |
|---|---|
IIT Delhi | $680M |
IIT Bombay | $665M |
Carnegie Mellon University | $397M |
ETH Zurich | $387M |
BITS Pilani | $323M |
Columbia University | $317M |
Columbia Business School | $313M |
IIT Kharagpur | $291M |
IIT BHU | $265M |
IIT Roorkee | $69.1M |
Top News in AI as a Service in India
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Jio Haptik Launches SOLO in the UAE to Support AI-Powered EntrepreneurshipBusiness Wire•Oct 29, 2026•Jio Haptik
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Jio Haptik Unveils SOLO, an AI Growth Team for India's Solopreneurs and Small BusinessesBusinessnewsthisweek•Jul 07, 2026•Jio Haptik
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Movate and Leena AI Partner to Advance AI-Led Employee ExperienceMedia Bulletins•Jun 02, 2026•Movate, Leena AI
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Qure.ai Earns FDA OK for 6 New AI Chest X-ray IndicationsMedical Product Outsourcing•Feb 26, 2026•Qure.ai
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Former Haptik Co-founder Launches AI-Focussed VC Fund ActivateViestories•Dec 04, 2025•Jio Haptik, Together
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qXR from Qure.ai obtains regulatory clearance for paediatric TB screeningIndiaMedToday•Oct 17, 2025•Qure.ai
