Adobe has acquired generative AI startup Rephrase.ai. The value of the deal hasn't been disclosed. Founded by IIT Bombay graduates Ashray Malhotra and Nisheeth Lahoti, and IIT Roorkee graduate Shivam Mangla, the startup builds generative AI tools to create hyper-personalised videos for businesses. It has raised $13.9 million to date from investors like Lightspeed India, Silver Lake & Red Ventures.