Mukesh Bansal, the entrepreneur behind Myntra and Cultfit, has launched a new artificial intelligence (AI) venture, Nurix AI, raising $27.5 million in a seed round led by Accel and Silicon Valley-based General Catalyst. This funding round, one of the largest seed rounds in the AI sector, reflects investor confidence in Nurix AI’s potential to revolutionize enterprise services using custom AI agents.

Nurix AI, incubated within Bansal’s startup incubator Meraki Labs, focuses on building AI-driven solutions for industries such as sales and customer support. Its technology, which boasts human-like voice and reasoning capabilities, aims to improve operational efficiency and reduce costs for enterprises. According to Bansal, Nurix AI has already worked with five companies in the financial services sector, leading to a 25-50% improvement in efficiency and cost reduction. However, he did not disclose the names of the firms using the technology.

Currently, Nurix AI employs a team of around 20 people. The company’s primary focus is to expand its AI-driven solutions, further leveraging India’s strong position in the global services market. Bansal emphasized that the success of AI applications in the enterprise space requires significant customization, a challenge that Nurix AI is prepared to tackle. He likened the current AI transformation to the Y2K phenomenon and the rise of cloud computing, suggesting AI adoption could fundamentally change enterprise operations over the next five years.

"We feel India has a very strong services advantage, and AI today requires significant customization to be truly effective", Bansal said, explaining the rationale behind the large seed round. He also revealed that Nurix AI is actively exploring potential acquisitions in the U.S. market to accelerate growth and enhance its operational capabilities.

Subrata Mitra, a partner at Accel, highlighted the transformative potential of AI, stating that Nurix AI is solving critical challenges for enterprises by delivering customized AI solutions that integrate seamlessly with existing workflows. “India has become the world’s services destination, and with the advent of generative AI, that trend is set to accelerate”, Mitra noted.

Deep Nishar, a partner at General Catalyst, echoed this sentiment, praising Nurix AI’s focus on practical and scalable AI solutions. “We believe that Nurix’s focus on scalable implementations, combined with its entrepreneurial team’s proven track record, makes it an essential partner for companies looking to harness the true power of AI”, Nishar said.

The ownership structure of Nurix AI is shared among investors, founding team members, and employees, positioning the company to scale rapidly as it navigates the competitive AI landscape. The company is also establishing a presence in the U.S., with plans to pursue acquisitions that will further fuel its expansion in the region.

Meraki Labs, through which Bansal holds his stake in Nurix AI, also participated in the funding round. Bansal has previously invested in companies like wealth management firm Groww, spacetech startup Skyroot Aerospace, and fashion brand Virgio. In addition to Nurix AI, Meraki Labs incubated omnichannel fashion startup Lyskraft, run by former Zomato executive Mohit Gupta, where Bansal serves as a board member.

As Nurix AI continues to develop AI solutions tailored to enterprises’ specific needs, the company’s vision is to become a key player in the AI space, leveraging India’s strengths and scaling its operations globally.