Digital commerce and technology solutions provider Adya.ai said that it has raised Rs 10.5 crore in a pre-series A funding round which was led by a group of investors from the Indian Angel Network (IAN), including Uday Chatterjee, Romesh Sobti, Sri Prakash, and Hari Balasubramanian.
This new funding is expected to enable e-commerce startup to enhance its technological solutions, strengthen its presence in the market, and expedite the development of AI technologies, said the company.
Established in May 2023 by Shayak Mazumder (CEO and CTO), Archana Mazumder (COO), and Angad Singh Ahluwalia (CBO), Adya.ai is the technology service partner for the Open Network for Digital Commerce (ONDC).
Adya.ai's Founder, Shayak Mazumder, said, “ONDC stands as a testament to India's digital capabilities, building upon the foundations laid by the Unified Payments Interface (UPI) and Aadhaar. At Adya.ai, we are committed to leveraging our technological expertise to foster an inclusive and transformative digital ecosystem for India's economy.”
The company said that its marketplace has facilitated several significant enterprise contracts with entities such as Canara Bank, Aditya Birla Financial, and Hindustan Unilever, focusing on sectors like CPG, financial services, retail, and mobility.
Padmaja Ruparel, Co-Founder of IAN, said, “Adya.ai has showcased remarkable skill in artificial intelligence. IAN is pleased to lead this funding round and is eager to support Adya.ai in its future endeavors.”
“Adya.ai's initiative with ONDC ATMA (Atmanirbhar Technology Marketplace by Adya.ai) is a notable development, providing comprehensive solutions across several domains. The company's position is well-suited to leverage the anticipated growth in ONDC. Their existing partnerships with banks, fintechs, and consumer goods companies are a testament to their capability. We are optimistic about Adya.ai's contribution to India's digital growth,” said Uday Chatterjee, an existing investor.