ToneTag Secures USD 78 Mn Series B2 Funding to Transform Global Payment Experiences The funding round, led by ValueQuest S.C.A.L.E. Fund, saw significant investments from Iron Pillar, Elevate Inflection Capital LLC, and existing backer Elevate Innovation Partners LLC.
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Naffa Innovations, the parent company of ToneTag, a pioneer in voice-based payment and commerce solutions, has raised USD 78 million (INR 674 crore) in a Series B2 funding round.
The round includes a mix of primary and secondary capital, led by ValueQuest S.C.A.L.E. Fund, with significant contributions from co-investors like Iron Pillar and Elevate Inflection Capital LLC. Existing investor Elevate Innovation Partners LLC also participated in this round.
The funding will fuel ToneTag's global expansion plans, support advancements in R&D, enhance marketing efforts, and scale operations. The company is eyeing key markets in Asia, South America, and the Middle East to deliver its transformative voice-enabled solutions to a broader audience.
"This funding round underscores the trust our investors place in our vision and technological capabilities," said Kumar Abhishek, Founder and CEO of ToneTag. "With this support, we are poised to redefine consumer experiences and drive global expansion. It's not just a milestone for us but also for India's product innovation landscape."
ToneTag offers voice commerce, online store solutions, and in-store solutions for retail and F&B businesses. Its Oyeti platform enables businesses to integrate voice-powered shopping, ordering, and payment solutions, while the VoiceSe UPI service facilitates voice-based transactions, even offline.
Currently, the Bengaluru-based ToneTag processes over 30 million interactions daily using its patented soundwave technology, enabling secure payments through sound. Trusted by tech giants like Google and Amazon and major Indian banks such as SBI and ICICI, ToneTag stands as a testament to India's potential to create globally competitive solutions.
Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, highlighted, "India's digital payment landscape is evolving rapidly, and ToneTag's voice-based innovations position it perfectly to capture this opportunity."
Echoing this, Ashok Ananthakrishnan, Partner at Iron Pillar, stated, "We believe ToneTag can significantly deepen UPI adoption in India and expand successfully into new markets like GCC, Southeast Asia, and South America."
Sridhar Chityala of Elevate Inflection Capital LLC added, "ToneTag's unique soundwave communication technology has revolutionised payments, democratising access for feature and non-feature phone users."
The round was facilitated by Probhus Ventures, JAA Associates, and Lex Connect Consulting, setting the stage for ToneTag to continue its mission of delivering secure, scalable, and innovative payment solutions worldwide.
