Companies in adtech, e-commerce like Flipkart, Inmobi (perhaps their fraud detection unit), Amazon, Near (formerly adNear) have developed capabilities.
There's AI/ML work happening in computer vision happening at places like Grey Orange (disclaimer, I was formerly an employee there), Tonbo Imaging.
R&D within large conglomerates have lots of AI/ML like IBM Watson, Target, TCS Innovation Labs, 24/7, MSFT Research (Cognitive Linguistics etc), Xerox R&D
Startups like Gramaneer, SocialCops, Crayon Data are also working within AI/ML realm (though I am not aware, how deep they go into it).
University groups focusing on this in India from what I know are at IISc and IIIT Hyderabad and IIT B (post graduate).