ElevenLabs has identified India as its second-largest global market, committing millions to boost its AI voice infrastructure. The company is pivoting toward enterprise clients, who now account for 55% of its revenue, and is actively hiring for local research teams. While the firm is currently private and not listed on the stock exchanges, its heavy investment in the region highlights the rapid growth and corporate demand for generative AI tools in India.
ElevenLabs, a global leader in AI voice technology, is strengthening its presence in India, marking the country as its second-largest market worldwide. During a recent announcement, CEO Mati Staniszewski confirmed that the company is investing hundreds of millions of dollars to build local infrastructure, including research and engineering teams. The firm is currently operating at an annual revenue run rate of $600 million, signaling significant scale in its business operations.
The company is undergoing a major shift in how it generates money. While it previously focused on individual users, it is now prioritizing large corporate clients. Enterprise contracts currently make up 55% of its total business. To support this, ElevenLabs is integrating its technology into the workflows of several prominent Indian companies. PhysicsWallah is using the tools for education, Cars24 and Razorpay are applying them to sales and customer service, and Havells India is embedding voice AI into its smart home products.
Private Status and Market Context
For investors monitoring the Indian AI space, it is important to note that ElevenLabs is a private company and is not listed on the Indian stock exchanges like the NSE or BSE. The company reached a valuation of $22 billion following an employee tender offer completed in September 2026. Because it is not a publicly traded stock, investors cannot buy shares directly. However, the company's aggressive strategy in India serves as a barometer for how quickly Indian businesses are adopting generative AI and voice-based automation.
Risks and Future Monitorables
The AI sector faces several challenges that could impact ElevenLabs' growth in India. The market for voice AI is becoming increasingly competitive, with pressure from both large global tech firms and specialized startups. Additionally, as the company scales its 'ElevenAgents' for customer service and business workflows, it faces regulatory and governance hurdles regarding data privacy and the security of business information. The company’s ability to manage these risks while ensuring high performance and reliability will be critical as it scales its model to support all 22 Indian languages, up from the current 14.
Investors and market watchers should monitor the company's success in scaling its enterprise integrations. The effectiveness of its research teams in adapting to the linguistic and cultural diversity of India will likely determine its long-term competitive advantage against other AI providers in the region.