Enterprise AI startup NuPlay is already scouting its second acquisition target, barely a month after closing the Verloop.io deal. Cofounder and CEO Mukesh Bansal told Inc42 the company expects to finalize another transaction within 6 to 12 months, with the focus on expanding geographic and customer reach rather than acquiring technology.
The two-year-old company, rebranded from Nurix AI, closed its first acquisition last month when it absorbed Verloop.io for an undisclosed sum structured as cash plus equity. That deal brought roughly 150 customers and a strong foothold in West Asia, a region NuPlay now plans to double down on.
What's driving NuPlay's M&A playbook?
"Acquisition strategy is more about region and customer footprint expansion," Bansal said. Unique capabilities matter, but speed to scale matters more. The Verloop.io deal netted a decade of market presence that would take years to build organically.
NuPlay's core platform builds AI agents that automate enterprise workflows: customer service, claims processing, catalog management. A second product, NuStack, helps enterprises modernize legacy systems to become AI-ready. Clients include super.money, Myntra, Cult.fit, and Aditya Birla Capital.
Revenue mix tilts toward the US
Revenue currently splits evenly between India and the US. That ratio will shift dramatically. Bansal expects the US to generate nearly 80% of revenue over the next three to four years. In India, NuPlay is targeting 50 new large enterprise clients in the near term.
Average deal size sits at $150K, with some contracts reaching $1M. The largest deals so far have come from India. NuPlay aims to push average deal size to $250K-$300K over the next 12 to 15 months while hitting $25M-$30M in revenue.
Why retail first, insurance next
Retail generates the most demand. Bansal calls it "a massive, operations-intensive industry" heavy on catalog management, marketplace vendor onboarding, pricing, merchandising, and inbound customer volume. NuPlay's team includes former Flipkart employees who understand these functions.
Financial services comes second, but selectively. Insurance is next in line for productization. The company expects to stay focused on retail for two to three years before expanding further.
Funding runway and competition
NuPlay has raised approximately $42.2M across multiple rounds. A $27.5M seed/Series A closed in September 2024, followed by a $16.4M round led by Prosus in March 2026. The startup competes with Yellow.ai, Skit.ai, Gupshup, and Reliance-owned Haptik in India's enterprise AI market.
The company grew out of Bansal's Meraki Labs incubator and now employs more than 150 people. Bansal, who previously led Myntra and Cult.fit, also recently launched Fermi AI, a Singapore-based edtech startup focused on AI-first STEM learning.
Logicity's Take
NuPlay's M&A thesis makes sense: buying customer bases is faster than building them, especially when targeting enterprise accounts with $150K+ deal sizes. The real test is integration. Verloop.io's 150 customers now need to migrate to NuPlay's platform without churn. If the next acquisition follows the same playbook in a new region, execution risk compounds. Fintech teams evaluating NuPlay as a vendor should ask pointed questions about roadmap continuity and support during these transitions.
Practical examples of enterprise AI automation that overlap with NuPlay's use cases
The next acquisition target remains unnamed. What's clear is that NuPlay is betting its growth on inorganic expansion while the enterprise AI market is still fragmented enough to consolidate cheaply.
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Source: Inc42 Media / Shraddha Goled
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
