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Conversation intelligence platform Mihup is witnessing growing interest among automakers, banks, and insurance companies in its AI-based product offerings.
With the automobile and BFSI sectors investing heavily in solutions related to automated virtual agents, speech analytics, and automated quality audit for contact centres, respectively, the Kolkata-based startup is targeting a fivefold revenue growth in the next two years.
Auto major Tata Motors has been its client since 2021. Mihup AVA is an in-car virtual assistant which understands and responds to vernacular languages and multilingual commands.
“Now, we are trying to replicate the success of Tata Motors with all the other OEMs (Original Equipment Manufacturers). A lot of domestic as well as international brands in the automobile sector are in talks with us for our AVA product,” Tapan Barman, Co-Founder & CEO of Mihup, told businessline.
The startup, founded in 2016, plans to upgrade the automated virtual agent (AVA) product with generative AI-powered additional features in the next year.
For Mihup, the second line of products is for contact centres of various sectors. “We have multiple banks and insurance companies which are using our contact centre solutions. Banks and insurers believe that AI can really transform their whole contact centre operations. So they are putting a lot of budgets for this kind of software related to conversation intelligence. We see a lot of traction from the customers in the BFSI sector,” Barman said.
In the BFSI space, Canara HSBC Life Insurance, Angel One and Kissht are its clients.
The startup expects its revenue to increase to around ₹200 crore in the next 24 months from close to ₹40 crore.
It has recently raised around ₹50 crore in a fresh round of funding. “We will utilize the fund to support our growth plans. As we have to scale the revenue to ₹200 crore in the next 24 months, it will require a lot of investment not just in sales and marketing, but also to enhance product capabilities and strengthen platform capabilities as well,” Barman added.
After onboarding UK and US English as capabilities in its platform, Mihup is currently working on Spanish and Portuguese, among other languages, to add more languages to support its international expansion plan.
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