Activate, a venture capital firm based in Mumbai, has made its first global growth-stage investment by acquiring a strategic stake in ElevenLabs, a leading voice AI company headquartered in New York. This partnership aims to deepen ElevenLabs’ presence in India, its second-largest market worldwide, and support the development of the local voice AI ecosystem.
- Activate’s first global growth-stage AI investment targets ElevenLabs.
- India is the second-largest market for ElevenLabs by revenue.
- Partnership expands enterprise ties and startup access to voice AI in India.
What happened
Activate, a venture capital firm known for backing Indian startups, has taken a strategic stake in ElevenLabs, a New York-based voice AI company valued at $11 billion. This marks Activate’s initial investment in a global growth-stage AI company using a $75 million fund launched last year. Although the exact size of the stake was not disclosed, the partnership sets Activate as ElevenLabs’ local venture partner in India.
Activate will help ElevenLabs strengthen enterprise relationships across India and provide early-stage Indian startups preferential access to its voice AI infrastructure. ElevenLabs recently closed a $500 million funding round led by top-tier investors including Sequoia Capital, Iconiq Capital, and Andreessen Horowitz, and achieved an annual recurring revenue run rate of $500 million within the first four months of 2026.
Why it matters
India is a crucial market for ElevenLabs and ranks as its second-largest globally by revenue, driven by rapid adoption of voice AI technologies across various sectors such as consumer internet, e-commerce, media, and education. The country’s innovative deployment of voice AI solutions highlights its growing influence in the global AI landscape.
For Activate, this investment aligns with its mission to bolster the Indian voice AI ecosystem by providing startups and enterprises with advanced technology access. This move also builds on Activate’s earlier collaborations, such as its multi-year partnership with Nvidia, aimed at fueling AI development with resources like developer tools and market support.
What to watch next
The success of this partnership will depend on how effectively Activate can deepen ElevenLabs’ relationships with Indian enterprises and integrate local startups into its voice AI platform, potentially accelerating innovation and adoption in the rapidly evolving Indian AI market.
Competition in voice AI within India is intensifying, with startups like Wispr Flow, Bolna AI, Murf AI, Cartesia, and Gnani.ai expanding their footprints. How ElevenLabs leverages the partnership with Activate to stay ahead amid this competitive landscape will be critical to watch in the coming months.