NuPlay, the enterprise AI startup led by former Myntra and Cult.fit CEO Mukesh Bansal, plans to clos...
The AMW Read
Incremental update to a non-case-study enterprise AI agent startup; segment-level significance only.
NuPlay, the enterprise AI startup led by former Myntra and Cult.fit CEO Mukesh Bansal, plans to close another acquisition within 6–12 months following its recent purchase of Verloop.io. The company is focused on expanding customer reach and overseas footprint rather than acquiring technology alone. The Verloop.io deal, structured as cash plus equity for an undisclosed sum, brought roughly 150 customers and a strong position in the West Asian market.
The acquisition strategy underscores a broader pattern in the enterprise AI agent segment: companies are using M&A as a shortcut to geographic and customer diversification rather than building from scratch. NuPlay — rebranded from Nurix AI — now serves clients including super.money, Myntra, Cult.fit, and Aditya Birla Capital, with revenue split roughly evenly between India and the US. Backed by over $42 million in funding, it targets $100 million in revenue by 2029, with the US expected to contribute nearly 80% of business within three to four years.
This is a classic example of the "acqui-licensing" pattern, where the primary asset is an installed customer base and regional presence rather than proprietary technology. For NuPlay, the Verloop.io integration provides a beachhead in the Middle East while deepening its domestic enterprise relationships. The question is whether the company can execute repeated integration quickly enough to build a global footprint before larger AI agent platforms — many backed by hyperscaler distribution — compress the market. NuPlay's ambition to reach $100 million revenue in four years is ambitious for a two-year-old startup, but the acquisition-led strategy gives it a plausible path forward.