Mihup, a Kolkata-based conversational intelligence firm, is planning to go public in the next two years and the announcement marks a big milestone in its journey to be a leader in AI-driven voice technology. Founded in 2016 by Tapan Barman and Biplab Chakraborty, the company has grown from a niche voice tech startup to a big player in the industry.
Automotive Presence with Tata Motors
Mihup’s journey in the automotive space accelerated after its voice assistant replaced a global competitor’s solution in Tata Motors’ vehicles in 2021. Today, its technology is live in over a million vehicles across India, enabling drivers to interact with their cars through voice commands in multiple languages and dialects. The company is in advanced discussions with another big Indian passenger automobile manufacturer to expand its automotive footprint further.
“I cannot divulge the OEM now due to confidentiality, but it is one of the largest car makers in India,” said Tapan Barman, Co-founder and CEO of Mihup. This partnership is expected to be a landmark deal that could accelerate the company’s presence across India’s rapidly growing connected vehicle ecosystem.
In-House Technological Innovation
At the heart of Mihup’s success is its technology stack. The company has built a proprietary suite that includes a large language model (LLM) enhanced with domain-specific knowledge, an automatic speech recognition (ASR) engine, a text-to-speech system and state-of-the-art noise suppression technology — all built in-house. The platform is designed to support India’s linguistic diversity, supporting regional dialects within languages like Hindi, Bengali, Tamil and more.
Going forward, the company plans to add international languages like US and UK English, Portuguese, Arabic and German to compete with global leaders in conversational AI. This internationalization is a sign that Mihup is looking beyond domestic markets.
Mihup IPO – Funding and Valuation
Mihup has had significant funding backing. The company has raised INR 100 crore in venture funding, including INR 50 crore in October 2024 led by well-known investors like Ashish Kacholia, Madhusudan Kela, and Accel India. This funding round valued the company at around INR 1,000 crore. According to CEO Tapan Barman, these funds will be used for product development, R&D and international market expansion.
Diversification into BFSI and Customer Service
Apart from the automotive sector, Mihup is making its presence felt in BFSI (banking, financial services and insurance) and customer service domains. The company’s AI-powered solutions for call center analytics and agent assistance have got clients like Angel One, Canara HSBC Life Insurance and fintech startup Kissht. The platform analyzes conversations in real-time, improves customer satisfaction and automates post-call documentation to boost operational efficiency.
Mihup’s proprietary analytics platform also enables enterprises to derive actionable insights from vast amounts of call data, helping companies optimize renewal rates and strengthen customer loyalty.
Ambitious Revenue Growth Plans
Mihup has set a bold goal to increase its revenue fivefold to INR 200 crore within the next 24 months. The company is doubling down on efforts to expand its product offerings, deepen its presence across industries, and enter global markets. COO Biplab Chakraborty expressed confidence in the roadmap: “We are committed to becoming the operating system for every human-machine interaction and delivering value across industries.”
Analyst Perspective and Future Outlook
Industry experts see Mihup as a leader in India’s AI and voice technology space. With its proprietary technology, domain expertise, and multi-industry focus the company is well-placed to capture a big share of the conversational AI market. However experts also warn that the pace of change and market disruption are key challenges the company needs to navigate carefully.
Looking Ahead
As Mihup prepares for its IPO and readies itself for more strategic partnerships, the company’s vision extends beyond India. With plans to introduce its technology in international markets and adapt to multiple languages and cultural contexts, the company is positioning itself as a global leader in conversational intelligence.
If successful in its upcoming collaborations and financial goals, Mihup could not only cement its place in the automotive and BFSI sectors but also influence the next generation of human-machine interaction technologies on a global scale.