Amazon-backed ToneTag, a provider of voice-based and agentic AI payment solutions, has raised Rs 35 crore (around $4 million) from Qualcomm Ventures in what appears to be an extension of its Series B round.
According to the regulatory filings with the Ministry of Corporate Affairs, ToneTag raised the amount by issuing 343 Series B2 Compulsorily Convertible Cumulative Preference Shares (CCPS), each with a face value of Rs 100 and a premium of Rs 10,25,219, to Qualcomm Ventures.
MediaNama has contacted ToneTag co-founder and CEO Kumar Abhishek for comment and will update the story if it receives a response.
From IoT to Agentic AI Payments: Founded in 2013 by Vivek Singh and Abhishek, ToneTag began with proximity-based payment solutions and later expanded into agentic AI payments. Its software enables users to make digital payments via sound waves without an internet connection. The technology works across smartphones, feature phones, Point of Sale (PoS) devices, kiosks, cars, and IoT devices.
The company also offers VoiceSe, a Unified Payments Interface (UPI) payment service that enables voice-based transactions without internet access. According to ToneTag, it has deployed more than 1 million soundboxes and handles over 35 million interactions every day.
ToneTag has also introduced agentic payments, which allow AI chatbots and voice bots to complete transactions on behalf of the users. A small number of fintech firms, including Razorpay and PayU, have also launched AI-led, agent-based payment offerings. In December last year, ToneTag launched Central Bank Digital Currency (CBDC) payments in partnership with IDFC FIRST Bank.
Financial Report Card: The fresh funding comes after a strong FY24 for the company. While ToneTag has not yet filed its FY25 numbers, it reported a consolidated Profit After Tax (PAT) of Rs 20.94 crore in FY24, compared with a loss of Rs 6.31 crore in the previous year. Its total revenue rose 112% to Rs 47.81 crore in FY24 from Rs 23.53 crore in FY23, according to financial statements filed with the Registrar of Companies (RoC).
The round comes more than a year after ToneTag raised $78 million through a mix of primary and secondary transactions, led by Ravi Dharamshi’s private equity fund, ValueQuest Scale Fund, and venture capital firm Iron Pillar, according to Tracxn data. Existing investor Elevate Capital also participated.
At the time, the company said it planned to use the capital to scale operations, expand hiring, step up marketing, and enter international markets, including Asia and South America.
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