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Adya.ai Raises Rs 10.5 Crore In Pre-Series A Round

The round was led by Indian Angel Network's investors Uday Chatterjee, Romesh Sobti, Sri Prakash, and Hari Balasubramanian

Adya.ai Raises Rs 10.5 Crore In Pre-Series A Round

Outlook Start-Up Desk

POSTED ON January 17, 2024 9:33 PM

Adya.ai, a digital commerce and technology solution provider, has raised Rs 10.5 crores in its pre-series A funding round. The round was led by Indian Angel Network's investors Uday Chatterjee, Romesh Sobti, Sri Prakash, and Hari Balasubramanian, who pumped in Rs 3.75 crore. Other strategic investors also participated in the round.  

As the technology service partner for ONDC, Adya.ai aims to be at the forefront of implementation across key sectors such as retail, mobility, F&B, logistics, credit, insurance, and finance. The company envisions a connected, inclusive digital ecosystem that redefines commerce in India.

The start-up's founder, Shayak Mazumder, said, "ONDC stands as a testament to India's digital prowess, following the impactful implementation of the Unified Payments Interface (UPI) and Aadhaar. We at Adya.ai are thrilled to harness our technological expertise to contribute to this transformative force, fostering an inclusive and truly transformative digital ecosystem for India's economy."

Founded in May 2023 by Mazumder, Archana Mazumder and Angad Singh Ahluwalia, CBO, the trio expect that the latest capital infusion will empower Adya.ai to enhance its solutions further, strengthen its market presence, and accelerate the development of AI technologies.

Adya.ai's technology marketplace has facilitated over ten large enterprise contracts, including collaborations with Canara Bank, Aditya Birla Financial Limited, Hindustan Unilever, etc. Focusing on sectors like CPG, financial services, retail, and mobility, it attempts to reshape the digital landscape for major enterprises.

Padmaja Ruparel, the co-founder at IAN, said, "Adya.ai has demonstrated exceptional capabilities in the field of artificial intelligence. We are impressed with their vision, leadership, and the impact their solutions are making. IAN is proud to lead this funding round, and we look forward to supporting Adya.ai on their journey towards greater success."

Uday Chatterjee, angel investor and the business leader, said, "Adya.ai is a pioneer providing ONDC Atmanirbhar Technology Marketplace by Adya.ai (ATMA)—an end-to-end solution built on the ONDC protocol across four domains (retail, logistics, financial services, and mobility) in the form of a self-serve app studio. This will enable enterprises to create their own apps on ONDC, customise design and UX, manage cloud, security and access controls, integrate inside their existing apps and connect to their existing tech stack."

He added that ONDC is the next master protocol or Digital Public Goods, which will likely see explosive growth in the next few years. "Adya.ai is ideally positioned to benefit from this growth and has already onboarded several public and private sector banks, fintechs and large consumer goods companies as their clients. We are delighted to support Adya.ai in the current fundraising and hope to energise India's digital story through Adya.ai," he said. 

IAN Group is a platform for seed and early-stage investment platform with IAN Angel Group, BioAngels, and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs 50 lakhs to Rs 50 crores from quality investors who provide funds, mentoring and global market access. The platform is sector-agnostic and has funded start-ups across 19 sectors in India and seven countries.

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