Fi cofounder Sumit Gwalani launches stealth AI venture for enterprises
08 May 2026, 02:21 PMGwalani said he is currently speaking to teams using AI coding assistants, suggesting the new startup may be exploring productivity and enterprise workflow applications powered by generative AI.
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Sumit Gwalani, co-founder at Fi, is building an enterprise-focused AI venture in stealth.
In a LinkedIn post on Thursday Gwalani said that his Fi "chapter is closing".
"Next chapter: AI for the enterprise intelligence problems I lived at Fi. Decisions across functions. Conversations across tools. Patterns nobody can fully see," he added.
He, however, did not disclose if he is stepping away from Fi to launch the venture on his own and if Fi's co-founder Sujith Narayanan will also be involved in the new venture. Narayanan in his LinkedIn profile says, "Fi: Quietly building with AI. Loud outcomes soon".
The Head and Tale has sent queries to Gwalani and Narayanan over LinkedIn.
This comes after Fi, backed by investors including Peak XV Partners, Temasek and Alpha Wave, went through multiple rounds of restructuring and layoffs over the past two years amid slowing growth and funding pressures.
Earlier in March, Fi shut down digital banking services on its platform and directed users to access them through partner Federal Bank’s channels
Gwalani reflected on Fi’s journey, highlighting features such as CKYC integration, account aggregator-based services, lending, investments, personal finance insights and forex-enabled debit cards. He said the company now serves 3.5 million customers.
He also said he is currently speaking to teams using AI coding assistants, suggesting the new startup may be exploring productivity and enterprise workflow applications powered by generative AI.
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