India, July 17 -- Mumbai-based GreyLabs AI to raise Series A funding, led by Elevation Capital, sources told Inc42.

"GreyLabs has been having conversations with Elevation Capital for some time as the investor is looking to expand its AI portfolio," one of the sources said.

While the round will be led by Elevation Capital, it will also see participation from GreyLabs' existing investor Z47 Partners (erstwhile Matrix Partners India), as per the sources.

While a questionnaire sent to GreyLabs AI didn't elicit any response till the time of publishing this story, GreyLabs' MCA documents confirm that the startup is raising INR 76 Cr (about $9 Mn) from the two investors.

Inc42 has also reached out to Elevation Capital and Z47 Partners for a ...