AI & Software
September 21, 2022

Investing in Murf

As a marketing leader during my time at Freshworks, I saw the intense effort it took to produce high-quality audio/video content. Storyboard a video, write a draft script, record a scrappy version in-house, tweak the copy, pacing, and emphasis, and then go out to create the final recording. This includes hiring a voiceover artist, booking expensive studio time, and expensive do-overs. A process that takes weeks and costs tens of thousands of dollars.

Enter Murf, the AI-voiceover studio that makes it easy for anyone to create high-quality speech in minutes. Murf is reinventing the $7 Billion voiceover industry by making voiceover creation faster, better and cheaper. And it puts this superpower in the hands of every content creator with a self-service product - you can sign up and give it a shot here.

While text-to-speech has been around for a while, the quality was "good enough, not great”. Use cases were limited to communicating information (think IVR and customer support). Recent advances in deep learning and AI have moved synthetic speech from the realm of communicating to acting. In fact, in the recent Top Gun movie, the voice of “Iceman” Van Kilmer was generated by AI. Nuances like emotion, emphasis, and tone bring the quality of voices generated by Murf to a standard that can’t be distinguished from human speech.

When we met Ankur, Sneha, and Divyanshu we were blown away by the technology and traction they’ve created in just 2 years. Since launch, the Murf team has added 120+ human-like voices to the platform and has been used to create over a million voiceovers. We heard from European authors converting their latest work into audiobooks with American accents, a process that usually costs $45,000, and educators creating hundreds of hours of content without being at the mercy of freelancers. We’re just scratching the surface of what's possible and are excited about wide-ranging applications including advertising, L&D, education, marketing, podcasts, audiobooks, and more.

I’m personally excited to lead the series A investment in Murf and partner with Ankur, Sneha, and Divyanshu as we build a category-leading generative AI company.

PS: At Matrix Partners India, we’ve always been excited by applied AI - the intersection of AI and business applications. AI is the third wave of transformative technology after the internet and mobile waves, and we’re very early in this journey. We’ve backed other stealth-mode AI startups (more on this soon!) and would love to hear from you if you’re reinventing large markets with AI-first applications


For more information, write to us: namaste@Z47.com.
Stay connected with Z47.

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Investing in Murf

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As a marketing leader during my time at Freshworks, I saw the intense effort it took to produce high-quality audio/video content. Storyboard a video, write a draft script, record a scrappy version in-house, tweak the copy, pacing, and emphasis, and then go out to create the final recording. This includes hiring a voiceover artist, booking expensive studio time, and expensive do-overs. A process that takes weeks and costs tens of thousands of dollars.

Enter Murf, the AI-voiceover studio that makes it easy for anyone to create high-quality speech in minutes. Murf is reinventing the $7 Billion voiceover industry by making voiceover creation faster, better and cheaper. And it puts this superpower in the hands of every content creator with a self-service product - you can sign up and give it a shot here.

While text-to-speech has been around for a while, the quality was "good enough, not great”. Use cases were limited to communicating information (think IVR and customer support). Recent advances in deep learning and AI have moved synthetic speech from the realm of communicating to acting. In fact, in the recent Top Gun movie, the voice of “Iceman” Van Kilmer was generated by AI. Nuances like emotion, emphasis, and tone bring the quality of voices generated by Murf to a standard that can’t be distinguished from human speech.

When we met Ankur, Sneha, and Divyanshu we were blown away by the technology and traction they’ve created in just 2 years. Since launch, the Murf team has added 120+ human-like voices to the platform and has been used to create over a million voiceovers. We heard from European authors converting their latest work into audiobooks with American accents, a process that usually costs $45,000, and educators creating hundreds of hours of content without being at the mercy of freelancers. We’re just scratching the surface of what's possible and are excited about wide-ranging applications including advertising, L&D, education, marketing, podcasts, audiobooks, and more.

I’m personally excited to lead the series A investment in Murf and partner with Ankur, Sneha, and Divyanshu as we build a category-leading generative AI company.

PS: At Matrix Partners India, we’ve always been excited by applied AI - the intersection of AI and business applications. AI is the third wave of transformative technology after the internet and mobile waves, and we’re very early in this journey. We’ve backed other stealth-mode AI startups (more on this soon!) and would love to hear from you if you’re reinventing large markets with AI-first applications


We are excited about the innovation and growth opportunities in this sector.

If you are considering building in the footwear space, we’d love to chat.
Drop us a line at consumer@matrixpartners.in

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Z47^fortyseven is up +23.9% since its January 2024 base date, versus Nifty 500's +18.4%, ahead by 550 bps.

The cohort moved +4.7% over the month versus Nifty 500's +2.5%, leading by 220 bps.

Anchored in domestic demand and rising digital adoption, the cohort remained resilient amid global headwinds.

Consumer Tech was the best-performing sector at +9.2% last month, driven by sustained growth in consumer demand and strength in consumer-internet platforms.

Largest Constituents  ·  The Names That Anchor The Index

1.
Eternal
Quick-commerce leadership and continued investment
▲ +12.8%
2.
Groww
Broking market-share gains and margin-funding growth.
▲ +10.4%
3.
Lenskart
Store densification and margin expansion.
▲ +2.4%

Top Gainers  ·  Key Drivers

1 MONTH RETURN
1.
CarTrade
Auto-marketplace dominance and a cash-rich balance sheet.
▲ +59.4%
2.
 Amagi Media Labs
Profitability turnaround and AI-led cloud media adoption.
▲ +31.4%

Top Laggards  ·  Key Drivers

1 MONTH RETURN
1.
Fractal Analytics
Enterprise AI spending trends and post-listing share supply.
▼ -10.8%
2.
MedPlus Health
Pharmacy-margin pressure and competitive intensity.
▼ -6.6%

Key Themes  ·  Latest Results

In Q4FY26, Z47^fortyseven's cohort grew top line ~39% YoY, more than 3x the broad market's ~12% growth.

Operating leverage lifted net margins around 500 bps into positive territory, even as broad-market net margins remained roughly flat.

With 40 of 47 companies now profitable, the cohort reflects a broader shift toward profitable growth over growth at any cost.

AI adoption runs deeper across this cohort than in the broader market, with companies using it to drive growth and reshape demand, not just improve efficiency.

Cash generation is increasingly defining the winners, enabling market leaders like Eternal, CarTrade, and PB Fintech to fund acquisitions and expansion from their own balance sheets.

Market & Macro Context

The cohort saw several block deals this month, including sizeable stake sales in Lenskart, Delhivery, Honasa, and Shadowfax.

Ownership continues to shift from foreign investors to domestic institutions, creating a more durable shareholder base.

AI remained the defining technology investment theme, driving capital deployment across both private and public markets.

IPO Takeaway · Kissht

Listed May 2026

A modest listing pop followed by strong post-listing gains reinforced the market's preference for asset quality and disciplined underwriting over pure loan-book growth.

The listing helped reset perceptions around unsecured lending, creating a constructive valuation anchor for the issuers that follow.

The buyer mix was a notable positive — strong participation from long-only domestic institutions supporting a durable post-listing ownership base.

Net Read

Fundamentals continued to strengthen across the cohort, with growth, margins, and cash generation improving in tandem.

Performance dispersion widened, with profitability and earnings quality increasingly distinguishing the strongest performers from the rest.

Disclaimer

Z47^fortyseven is published for informational purposes only and does not constitute investment advice, or any offer, solicitation, or recommendation to buy or sell securities. Index performance is historical and should not be construed as indicative of future results.

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