ElevenLabs betting big on India as AI voice tech rises: India head Siddharth Srinivasan

Prime Minister Narendra Modi’s recent interview with US AI researcher and podcaster Lex Fridman made global headlines — not just for the depth of conversation, but also for what many call the “best dubbing” to date. The company behind the hyperrealistic AI translation was ElevenLabs, a U.S.-headquartered AI-powered voice technology firm specialising in advanced speech synthesis and dubbing solutions.

In just three years, ElevenLabs has become a unicorn, valued at $3.3 billion after raising $281 million across four funding rounds, with backing from a16z, Sequoia, and ICONIQ. The company is now doubling down on India, one of its key markets, by expanding language coverage and enhancing its voice AI models to better capture speech nuances and context.

Fortune India’s Manoj Sharma spoke with Siddharth Srinivasan, GTM (Go-To-Market), India, ElevenLabs, to discuss the company’s journey, technology, market strategy, and future plans, particularly in India.

Here are the edited excerpts:

You collaborated with Lex Fridman to dub his podcast with world leaders, including Volodymyr Zelenskyy and Narendra Modi. How did these projects come about?

Siddharth Srinivasan: ElevenLabs builds AI-powered voice synthesis technology that enables extremely realistic speech in multiple languages. The collaboration with Lex Fridman stemmed from his vision to make his conversations accessible worldwide. Our technology ensures that translations maintain the authenticity of the speaker’s voice and tone. We’ve worked on multiple episodes, using AI to preserve the cadence, emotion, and style of the speakers in their respective languages. This allows global audiences to experience these conversations engagingly and naturally, removing language barriers without compromising authenticity.

So, whether you're in the West consuming (content) in English and listening to Mr. Modi speak, with his voice carrying the message in the right cadence and mannerisms, or in India experiencing it in Hindi, the authenticity remains intact. I think Fridman sounds phenomenal in Hindi.

What are the core areas of ElevenLabs’ operations, and how big is the voice AI market?

Siddharth Srinivasan: We are an audio AI company specialising in AI Agents, text-to-speech, AI dubbing, and speech-to-text models. Our text-to-speech model supports 32 languages, while our speech-to-text model is among the most accurate globally, covering 99 languages, including 11 Indian languages. The voice AI market is poised to reach $1.8 billion by 2030, and we see significant opportunities in media, content creation, and conversational AI. Creators, businesses, and enterprises use our technology for automated voiceovers, interactive AI agents, and language localisation. The combination of AI and voice technology is unlocking new markets and making content more accessible than ever before.

Can you share some background on ElevenLabs and its global footprint?

Siddharth Srinivasan: Founded by Mati Staniszewski and Piotr Dabkowski, childhood friends from Poland, ElevenLabs started as a passion project to improve voice dubbing. Growing up, they watched poorly dubbed Polish movies and saw an opportunity to revolutionise voice AI. Today, we are headquartered in the UK and the US, with operations expanding into India, Japan, and Korea. Over the last two years, we have amassed millions of users globally. India has emerged as our highest-usage market, driven by demand for multilingual content and AI-powered voiceovers. We have a team of around 150 people worldwide, with plans to expand further, particularly in India, where we currently have a growing team of 10 members.

How is ElevenLabs positioning itself in the Indian market?

Siddharth Srinivasan: Our strategy is to be both a global and local player. We support 32 languages in text-to-speech and 99 languages in speech-to-text, including Indian languages. We are focused on providing scalable AI models tailored for India’s multilingual landscape. Additionally, we have a pricing model that suits a wide range of customers, from individuals to large enterprises. We are also investing locally in research, partnering with regional voice actors to build a diverse voice library. This ensures that our AI-generated voices capture regional dialects, accents, and styles, making the experience truly native. Furthermore, we are developing business partnerships and running hackathons to engage developers in India’s growing AI ecosystem.

What challenges do you face in creating an ecosystem to support multiple Indian languages?

Siddharth Srinivasan: India’s linguistic diversity requires us to be multi-language and multi-accent capable. Even within Hindi, for example, multiple regional variations must be accounted for. Our voice marketplace has over 5,000 voices, allowing users to find regionally accurate speech models. We also enable AI-generated and cloned voices for greater customisation. The challenge lies in maintaining quality across different languages and accents while ensuring the voices sound natural and expressive. Our focus is on expanding our voice dataset and refining models to better represent the unique tonalities and cultural nuances of Indian languages.

How does ElevenLabs ensure competitiveness against tech giants like OpenAI and Google?

Siddharth Srinivasan: The key is continuous innovation. While voice AI has existed for years, we’ve differentiated ourselves through ultra-realistic synthesis and diverse applications. Our approach is research-first, ensuring we stay ahead in quality and functionality. We also emphasise usability, allowing creators and enterprises to integrate our AI into their workflows seamlessly. Unlike big tech players who may focus on broader AI solutions, we specialise in voice technology, refining it for high-quality applications in media, education, and customer support. Additionally, by investing in localised solutions and working closely with partners, we remain deeply embedded in markets like India, ensuring that our technology is tailored to regional needs.

Can India compete globally in AI, given developments in China and the US?

Siddharth Srinivasan: India has a strong foundation in IT services and digital products, making it well-positioned to lead in AI. With a growing talent pool, thriving startups, and increasing AI adoption, India is set to make a significant impact on the global AI landscape. The country has a unique advantage in its developer ecosystem, as well as in its ability to build cost-effective, scalable AI solutions. As AI becomes embedded in industries ranging from media to healthcare, Indian companies will play a pivotal role in developing AI-driven products for both local and international markets.

Where do you see ElevenLabs in the next 3-5 years?

Siddharth Srinivasan: We aim to be the category leader in AI audio, innovating across speech synthesis, dubbing, and related audio experiences. Our goal is to make content universally accessible in any language while expanding our global footprint. We envision a future where AI-powered voices are seamlessly integrated into media, entertainment, education, and business applications, making high-quality voice technology more accessible to everyone.