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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
AI diet helping new-age companies run lean
API.market, runs a marketplace for artificial intelligence (AI) model application programming interfaces, with 3,100 customers across the world, and makes an annual recurring revenue (ARR) of $200,000. He is also building Noveum.ai, an evaluator of large language models for enterprise use, which is currently in beta stage.
Till October 2024, Agarwal was building the marketplace alone. His team has grown since—by all of two people, another co-founder and engineer, and he is now looking to hire three more engineers. He added that it is quite common for a small team of up to 20 people in an AI startup to get to $5-10 million ARR.
Agarwal is part of an emerging crop of startups that are focusing on leaner teams by leveraging AI across their operations to cut costs and stay the course. Many such companies are borrowing from the playbook of Silicon Valley startups that are clocking millions in revenues with bare-bones teams. For instance, coding assistant Cursor hit a $100 million ARR with a team of 20 people.
While Indian AI startups have yet to reach that scale, more startups are focusing on creating high-value teams rather than volume.
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21.05 / 10:17
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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