RapidCanvas, an agentic AI startup, has raised $29 million, about ₹280 crore, in a Series B round, according to Inc42. Vertex Ventures SEA & India led the round. Hitachi Ventures joined as a new investor, alongside existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
What the company does
RapidCanvas helps enterprises build and deploy AI applications and oversee their performance. It was founded in 2021 by Rahul Pangam, who is cofounder and chief executive, and Uttam Phalnikar. It sells on a subscription basis to large enterprises that have AI budgets but lack the in-house expertise to move beyond pilot projects.
Traction, as claimed by the company
The company says annual recurring revenue has grown eightfold over the past six quarters. It says that in 2026 so far, more than 75 enterprises across manufacturing, financial services, retail, business services and infrastructure have made 1.4 million AI-led decisions using applications built on its platform. It names PayPal, TresVista, Yale Appliances, Orion and Treetech among its customers.
Use of funds
RapidCanvas plans to expand its go-to-market teams and its field AI engineering team across India, the US and Brazil. It will also invest in three products: the Enterprise Context Engine, the skills library behind the Visual Development Canvas, and governance in the Operational Harness. The report gives no India-specific hiring targets, no headcount and no amounts for earlier rounds.
Key numbers
- Series B: $29 mn (About ₹280 crore)
- Lead investor: Vertex Ventures (SEA & India)
- ARR growth: 8x (Six quarters, company claim)
- Enterprise customers: 75+ (2026 so far, company claim)
What boards and CFOs should note
Three points stand out for finance teams. First, the company's pitch is about moving AI work out of pilots, which is a gap the report says large enterprises face. Second, the traction figures, including the eightfold revenue growth, are the company's own claims. Third, the round is mostly for sales and engineering teams, so the money goes to deployment capacity.
Source: Inc42, 16 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
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