AI & Software
July 17, 2025

What it’s like to work at a young AI startup: Inside GreyLabs AI

Most startup journeys are told in hindsight, GreyLabs AI’s told in the middle of figuring things out.

In this episode of the #ZeroToInfinity podcast, the founding team of GreyLabs AI reflect on what building actually looked like in year one: navigating a cofounder exit, cash running out, COVID hitting collections, and a work culture being built reactively.

This conversation with co-founder Aman Goel is about what startup life feels like before structure, where ESOPs are misunderstood, leave policies don’t exist, and the only way to build trust with enterprise clients is to keep showing up.

What started as a speech analytics platform for BFSI quickly turned into something more: a layer that could coach agents, surface cross-sell opportunities, and turn raw call data into revenue. But the real build wasn’t technical, it was emotional.

GreyLabs was built without funding, a co-founder or a roadmap. Just presence, product sense, and a willingness to stay in the room longer than expected.

Inside the team, hiring moved fast and policy came later. Hiring was led by instinct, and culture was shaped by how the team responded to mistakes, not how they talked about values. Who gets ESOPs? When do you make a leave policy? How do you scale trust without layers of management?

When COVID hit: collections slowed down and revenue dried up, but even without clarity on survival, the team promised zero layoffs, and that appraisals happen.

Because sometimes, the strongest signal a startup can send isn’t product, it’s how it shows up for its people.

Why sustainable startups start with sustainable founders, only on the #ZeroToInfinity podcast.

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

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AI & Software
July 17, 2025

What it’s like to work at a young AI startup: Inside GreyLabs AI

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Listen to article

Most startup journeys are told in hindsight, GreyLabs AI’s told in the middle of figuring things out.

In this episode of the #ZeroToInfinity podcast, the founding team of GreyLabs AI reflect on what building actually looked like in year one: navigating a cofounder exit, cash running out, COVID hitting collections, and a work culture being built reactively.

This conversation with co-founder Aman Goel is about what startup life feels like before structure, where ESOPs are misunderstood, leave policies don’t exist, and the only way to build trust with enterprise clients is to keep showing up.

What started as a speech analytics platform for BFSI quickly turned into something more: a layer that could coach agents, surface cross-sell opportunities, and turn raw call data into revenue. But the real build wasn’t technical, it was emotional.

GreyLabs was built without funding, a co-founder or a roadmap. Just presence, product sense, and a willingness to stay in the room longer than expected.

Inside the team, hiring moved fast and policy came later. Hiring was led by instinct, and culture was shaped by how the team responded to mistakes, not how they talked about values. Who gets ESOPs? When do you make a leave policy? How do you scale trust without layers of management?

When COVID hit: collections slowed down and revenue dried up, but even without clarity on survival, the team promised zero layoffs, and that appraisals happen.

Because sometimes, the strongest signal a startup can send isn’t product, it’s how it shows up for its people.

Why sustainable startups start with sustainable founders, only on the #ZeroToInfinity podcast.

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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Index Performance

+28.1%
Since Jan 2024
NIFTY 500
+19.0%
Since Jan 2024

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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