Activate Buys Strategic Stake in ElevenLabs as AI Startup's India Revenue Surpasses $500M

According to The Economic Times, Mumbai-based venture capital firm Activate bought a strategic stake in New York-based voice AI startup ElevenLabs, marking its first global growth-stage AI investment since launching a US$75 million fund in 2025. ElevenLabs raised US$500 million in February from Sequoia Capital, Iconiq Capital, and Andreessen Horowitz. The company said India is its second-largest market by revenue, with annual recurring revenue surpassing US$500 million in the first four months of 2026.

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