The Business of Consumer AI: Mini Thesis (Eximius Ventures)

Summary

• Eximius Ventures invests around $500k in pre-seed and early traction stages across FinTech, Consumer AI, and Enterprise AI with an AI-first approachp.3
• The cost per token for AI models is dropping by 60–70% YoY while consumer token usage is projected to expand 12x by 2030p.6
• India's internet landscape includes ~960M active internet users growing at ~8% YoY, with 44% already utilizing AI-enabled featuresp.6
• The Indian AI Productivity apps market is forecasted to increase from $0.45B in 2024 to $2.81B by 2033p.11
• The Indian EdTech market is projected to grow from $2.8B in 2024 to $33.2B by 2033p.12
• The Indian e-commerce market is expected to expand from $163B in 2026 to $345B by 2030p.14

Key insights

1. Consumer AI transforms digital products from passive platforms into active, adaptive assistants that understand context and take action.p.5
2. Declining model token costs of 60–70% YoY and lower serving costs of open-source models make high-frequency consumer AI economically viable.p.6
3. Proprietary user context and personal memory will serve as stronger defensible moats than catalogue depth or generic interfaces.p.7
4. Winning Consumer AI applications will pivot from offering passive recommendations to executing trusted, end-to-end workflows.p.7
5. India's productivity wedge relies on WhatsApp-native, voice-first, and mobile-first products tailored to informal work contexts.p.11
6. Indian EdTech AI opportunities lie in adaptive learning, affordable multi-language support, and curriculum-specific assessments.p.12
7. India's travel landscape is heavily domestic-focused, representing 99% of trips, which favors localized experience and supply layers.p.17
8. Agentic commerce and decision layers positioned above traditional marketplaces offer new entry points for vertical AI products.p.24
9. Pre-transaction AI layers in payments and loyalty can capture high intent by optimizing decisions, subscriptions, and card benefits.p.26