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Analysis · AI & Deep Tech

169Pi featured in Inc42's AI startups list

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Date
Company
169Pi
What it does
AI ecosystem for reasoning-first models
Kind
Analysis
Based in
Mumbai
Founded
2024
Sector
AI & Deep Tech

What they do

169Pi builds reasoning-first AI models and tools for developers

What happened

It is one of five Indian AI startups in Inc42's January 2026 edition

Why it matters

The startup counts ISRO among its early users; arrowhead builds voice AI agents for BFSI use cases

The details

  • Inc42 published the fourth edition of its AI Startups To Watch list in January 2026.
  • The list features five Indian AI startups: 169Pi, Arrowhead, Multibagg AI, and two others.
  • Prime Minister Narendra Modi held a roundtable with AI startup founders in January 2026.
  • PM emphasised that AI must be affordable, inclusive, frugal, and use indigenous datasets and local languages.
  • Indian AI startups raised nearly $500 Mn across 63 deals in 2025.
  • Indian-origin AI startups raised over $1.8 Bn between 2020 and 2025.
  • Nearly 80% (around $1.6 Bn) of AI funding from 2020 to 2025 went to application-layer ventures.
  • Deep tech and AI were the most common themes across new venture fund launches in 2025.

The bigger picture

  • The global foundational AI market is expected to grow to $30-35 Bn from $9.4 Bn in 2025.
  • Indian AI startups have attracted significant funding, with nearly $500 Mn raised in 2025 alone.
  • The government is actively engaging with AI startups, signalling policy support for the sector.

About the business

  • 169Pi is an AI ecosystem focused on reasoning-first models.
  • It was founded in 2024 by former Spheric CEO Rajat Arya, based in Mumbai.
  • Its core offering is Alpie Core, a 32B-parameter model optimised at 4-bit precision.
  • Alpie Core supports long context, deep reasoning, and multi-modal workflows.
  • 169Pi provides a public API, developer Playground, SDKs, and CLI tools.
  • It is also creating open datasets, AI agents for PDF analysis, collaborative workspaces, and domain-specific use cases.
  • An early user of 169Pi is ISRO.
  • Arrowhead builds voice AI agents for BFSI use cases like sales, collections, renewals, and complex customer interactions.
  • Arrowhead was founded in 2022 by Devyani Gupta and Vengadanathan Srinivasan, based in Bengaluru.
  • Its proprietary orchestration layer enables natural, multi-minute conversations like skilled human agents.
  • Arrowhead agents integrate with CRMs and backend systems, meet compliance needs, and support multiple languages.
  • Arrowhead bots operate in Hindi, English, Tamil, Telugu, Malayalam, Kannada, and Bengali and can switch languages mid-call.
  • Arrowhead grew revenue 4X in recent months and works with over 50 BFSI clients including Bank of Baroda Cards, Aditya Birla Capital, and Paytm.
  • Multibagg AI is a GenAI-powered equity research and analytics platform for retail investors.
  • It was founded in 2023 by Aaditya Aanand.
  • Multibagg AI ingests public market data, filings, and financials from NSE- and BSE-listed companies.
  • It uses machine learning and natural language processing to generate research insights, thematic analysis, and portfolio intelligence.
  • Its AI assistant helps users explore stocks, ETFs, IPOs, and sector trends.
  • Since beta launch, Multibagg AI has over 10,000 users, processed tens of thousands of queries, and connected portfolios worth over ₹5,000 Cr.

Founders

  • Rajat Arya, Founder
  • Devyani Gupta, Co-founder
  • Vengadanathan Srinivasan, Co-founder
  • Aaditya Aanand, Founder

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