- OnFinance AI raises USD 4.2M in pre-Series A led by Peak XV’s Surge, joined by prominent global and Indian investors.
- Founded in 2023, the startup shifted from equity research copilots to compliance, risk, and audit solutions for BFSI clients.
- Funding will drive expansion into US and MENA markets, with larger banking contracts and BFSI-specific large language model research.
OnFinance
India’s OnFinance Ai raised USD 4.2 million in its pre-Series A round. The round was led by Peak XV’s Surge and saw participation from Groww Founders’ Fund, MarsShot VC (Razorpay Founders’ Fund),. In addition to Climber Capital, Shyamal Hitesh Anadkat, head of Applied AI at OpenAI, along with existing backers Indian Angel Network and Silverneedle Ventures.
Founded in 2023 by Anuj Srivastava and Priyesh Srivastava, OnFinance is an AI startup focussed on the BFSI sector. It initially provided AI copilots for equity research analysts but now it pivoted to compliance, risk and audit.
“Earlier, we were helping equity analysts draft research reports. But we realised LLMs struggle in open-ended use cases. Compliance data, on the other hand, is close ended, like SEBI circulars or RBI guidelines. That makes it perfect for enterprise-grade AI,” cofounder and CEO Anuj told Inc42.
Artificial Intellgience
The startup delivers its AI stack on-premises, helping institutions deploy GPU-powered bare metal servers for high-performance needs. It also offers private cloud deployment through AWS, Azure, GCP, or Oracle to suit clients’ existing infrastructure preferences. Additionally, it built a Model Context Protocol (MCP) server that links AI agents with systems like HR platforms and governance tools.
Up next, with the funding, it aims to expand contracts with Indian clients and enter into the US and MENA markets. Additionally, it seeks to double down on BFSI-specific large language model (LLM) research. It is currently focussing on expanding outside India and running pilots with banks in the U.S. Moreover, it expects contract sizes to be two to three times larger than in India.
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