In an increasingly digital world, conversational intelligence plays a massive role in the success of a business. Imagine being able to derive business insights and understanding from conversations with existing and potential customers, enabling business leaders to know their audience better and deliver a great customer experience.
Four tech enthusiasts - Santosh Kataria, Ankit Kimtee, Vivek Jain and Jai Singh Jain launched Indore-based conversational AI startup GenieTalk.ai in 2016 to build conversational experiences across various touch points like chat bots, WhatsApp bots, telephone bots, etc. Conversational AI refers to the automation of communication with the help of AI and its deployment through messaging apps, virtual voice assistants, chatbots, etc.
“GenieTalk.ai provides AI-powered virtual assistants to reduce response time and provide quick resolutions, driving efficiency, loyalty, and growth at each stage of the customer lifecycle,” says Ankit in a chat with YourStory.
The SaaS startup has even built an AI-based travel application, OGenie (product of GenieTalk), that can book flights on voice commands and acts just like a travel buddy which stays with the users throughout their journey. The app, available for Android and iOS users, currently has over 250,000 downloads and can search domestic and international flights, book tickets, reschedule, cancel, and perform web check-in.
The OGenie app is selling exclusive memberships with Airtel Payments Bank, HDFC Times Card, JioSaavn , Freecharge, PhonePe etc. The Genie ELITE membership, the travel membership programme (priced at Rs 999/year and Rs 199/month currently), offers various benefits, including unlimited rescheduling, discounted cancellation, complimentary seats, free meals, and reward points on every flight booking.
What started as a coffee session discussion amongst friends led to the ideation and establishment of GenieTalk.ai, with the company now having 50+ employees on board.
The deeptech startup claims to deliver an effortless experience to their customers across several mediums, including chat, voice, call, and email.
“GenieTalk.ai works with AI and human brains together to give the best outputs,” Ankit says.
The need of the hour
The COVID-19 pandemic has made businesses rethink their strategies on automation and digitalisation of business, something that can no longer be left to the future. “GenieTalk.ai has been working on AI platforms for five years, and is all set to help other businesses exponentially grow with conversational AI,” Ankit says.
GenieTalk.ai founders claim they have developed an intuitive algorithm that is easy to deploy and help businesses stay connected, supporting decision making through data science with the help of conversation AI.
Funding and monetisation
In September 2020, GenieTalk.ai announced its first round of angel investment of $750,000 from Shankeshwar Technologies LLP at a valuation of $10 million.
“Currently, we are looking for investors and funding. The new trench would help us scale in every way, and take the products to the next level,” says Ankit.
“GenieTalk.ai generates revenue every time our APIs are triggered, and it's a SAAS model in which the customer can use the chatbot by just embedding a small script into their services and customers can purchase this as a plan or pay as you go service. OGenie generates revenue via selling the elite membership priced at Rs 999 and flight bookings,” explains Ankit.
According to him, the company’s growth projection is directly proportional to the rate of conversation.
“Currently, we have 1 million hits which include chats and voice-command conversations, and are looking for 1 billion conversations/API hits in the next five years.”
The way ahead
Data science and applied machine learning are the panaceas for most businesses in the modern-day era.
“By 2025, 85 percent of customer service interactions will take place between humans and AI and one survey suggests over 83 percent of online shoppers require assistance during shopping,” says Ankit. By being 24x7 available for your customers, a conversational AI-powered bot can help your business gain long-lasting customer loyalty, he adds.
According to MarketsandMarkets, the global conversational AI market size is expected to grow from $6.8 billion in 2021 to $18.4 billion by 2026, at a compound annual growth rate (CAGR) of 21.8 percent during the forecast period. The major factors driving growth are increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chatbot development costs.
GenieTalk.ai works on B2B and D2C models and for OGenie, it works on B2C, directly providing its services. The target area for GenieTalk.ai has been the US and pan-India. For OGenie, the startup’s target group has been native India.
With GTM partners such as Myntra, PhonePe, PayTM, HDFC TimesCard, MobiKwik, Saavn, TimesPoints, ICICI, Prestige Group, DP Jewellers etc, GenieTalk.ai is aiming to place India on the map for global AI pioneers.
The startup competes with the likes of Haptik.ai, Engagely.ai, Yellow.ai, Float Boat, The Chatmate, Kore.ai, Lansbot.io and Senseforth.ai among others.
Edited by Anju Narayanan