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Loops AI, which develops AI-powered search and shopping solutions for e-commerce companies, has raised $3.5 million in a seed round backed by a16z Speedrun, NTT DOCOMO, and other investors. The company will use the funding to expand its engineering team, develop its products, and expand first into Japan, followed by Europe and Southeast Asia.
Dilip Asbe, chief executive of NPCI, which oversees the UPI system, believes artificial intelligence will be central to attracting new users, combating fraud, and expanding access to credit as India seeks to surpass one billion daily transactions. He also called for clear regulatory frameworks to adopt AI-backed finance and for the development of specialized small language models within the country’s financial sector.