Mihup plans IPO and expands AI in automotive sector

Kolkata-based company Mihup is in advanced discussions with a leading Indian car manufacturer to integrate its in-car AI virtual assistant. This follows Mihup's earlier partnership with Tata Motors. The company plans to launch an initial public offering (IPO) within the next two years. Mihup has already raised Rs 100 crore in funding, including Rs 50 crore last October. The CEO, Tapan Barman, mentioned that Mihup's voice assistant replaced a competitor's solution in Tata Motors' vehicles in 2021 and is now used in over one million cars. The new deal with another major car maker is expected to boost Mihup's position in the automotive market. The company specializes in multilingual voice solutions, aiming to make technology accessible to both Indian and global consumers. Their AI-driven system supports various Indian languages and dialects, offering a competitive advantage over international rivals. Mihup has developed its own technology, including a large language model and a speech recognition engine, all created in-house. Besides the automotive sector, Mihup is expanding into banking, financial services, and insurance (BFSI) as well as customer service, focusing on real-time analytics for call centers. While Barman did not share specifics about revenue or profits, he confirmed that the company is growing rapidly. Mihup is also looking to enter international markets and plans to incorporate languages such as English, Portuguese, Arabic, and German to compete globally. Analysts believe that product solution companies like Mihup could receive high valuations, but they also warn about the risks in valuing their business models amid fast changes in AI technology.