Chatbot startup CoRover raises $4 million led by Venture Catalysts – SME News

Multi-stage venture capital firm Venture Catalysts on Tuesday announced it will lead a $4 million Series A round in CoRover, a conversational AI startup that offers chatbot services to companies in banking, finance, healthcare, manufacturing, travel and e-commerce. The VC said CanBank Venture Capital Fund (CVCFL), IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, Lead Angels and others also participated in the round.

Founded by Ankush Sabharwal (CEO), Kunal Bhakhri, and Manav Gandotra, CoRover offers conversational AI chatbots, voice AI bots, video AI bots, IVR bots, and WhatsApp bots. Venture Catalysts said the global conversational AI market is expected to reach $86.42 billion by 2032.

Speaking on raising the funding round in CoRover, Apoorva Ranjan Sharma, Co-founder and Managing Director, Venture Catalysts, said that CoRover’s innovative approach to building human-centric conversational AI aligns perfectly with the growing demand for more natural and effective digital interactions.

“We believe their platform has the potential to transform the way companies communicate with customers across industries,” he said.

The funding will help CoRover further develop its technology, expand its team of AI experts, and accelerate its go-to-market strategy. The company plans to focus on enhancing its Enterprise (B2G and B2B), B2B2C, and B2C offerings, as well as explore new revenue streams through subscription-based, ad-based revenue, and transaction-based fee models.

Some of the popular solutions offered by the company include eSevak (Conversational Citizen Grievances Management), AskDISHA (in Indian Railways and IRCTC), Ask PAi (in NPCI), AskMitra (in LIC), Chetna (in DMRC) and SEVA (in SEBI).

“With this investment, we are equipped with the necessary arsenal to evolve our GenAI-based conversational AI, expanding its reach and influence, while remaining true to our commitment to human-centric innovation. As it is, CoRover’s platform, products and services are set to withstand the test of acceptance and scale,” said Ankush Sabharwal and Kunal Bhakhri, Co-Founders of CoRover.