“It’s a land grab market…”

That’s how our guest Devyani Gupta, the founder of voice AI startup Arrowhead, describes the space she is operating in. 

A simple fact illustrates the competition she is stressing on: VC funding for Indian voice AI startups went from seven crore in 2023 to 280 crore in 2025. 

There is a lot to unpack in these figures. And Mrunmayee Kulkarni, The Ken’s AI reporter, followed the money to do just that. 

She found that the voice AI market is crowded, with many operating for BFSI clients. A senior manager in a bank summed it up best: “differentiate or suffocate”. Then, there is also the possibility of major enterprises acquiring voice AI capabilities themselves. 

So, what is the moat for voice AI companies? Mrunmayee joins Zero Shot hosts Rohin Dharmakumar and Brady Ng to ask Devyani this question. 

Devyani makes a stark differentiation between “building a demo” and “running production”. The latter part, she argues, is what got Arrowhead its 50 plus enterprise clients. She gets into the technicalities and nuances of the business to explain why.

And yes, we discuss the elephant in the room that is the India AI impact summit. We couldn't help but talk about the mild chaos that is unfolding in Delhi.

Tune in! What did you think of this episode? Write to us at [email protected].

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This episode was produced by Vidhatri Rao and edited by Rajiv CN.

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Zeus, the mascot of Zero Shot, was generated using AI. Everything else is made by humans, just like all articles, columns, newsletters, and other podcasts created by The Ken.

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Additional Reading: 

Voice AI has gone from whisper to commotion. Can the market get any louder?

Voice AI startups hear the sound of money as enterprises sign up

https://arrowhead.ai/

Artificial Intelligence in India's Voice AI Sector

Founder stuck outside the India AI impact summit venue

India's AI Summit opening in New Delhi marred by long queues, confusion