ToneTag’s Major Funding Breakthrough
Bengaluru-based contactless payment provider ToneTag has raised $78 million in its Series B2 funding round. This marks the company’s first significant capital infusion in nearly seven years. The round was led by ValueQuest S.C.A.L.E. Fund and its co-investors, with participation from existing investor Elevate Innovation Partners LLC.
ToneTag’s Sound-Based Payment Technology
Founded in 2014 by Kumar Abhishek, ToneTag specializes in sound-based payment solutions that facilitate transactions even without internet connectivity. The company’s product offerings include:
- Voice Commerce – Voice-powered shopping and payment experiences
- Online Store Solutions – Digital platforms for retail and F&B sectors
- In-Store Solutions – Contactless payments for physical businesses
Through its Oyeti platform, businesses can integrate voice-based transactions, while its VoiceSe UPI service allows users to make payments using voice commands.
Strong Market Presence and Growth
ToneTag processes 30 million transactions daily using its proprietary soundwave technology. Its solutions are widely adopted by major players such as Google, Amazon, and top Indian banks like SBI and ICICI.
Financially, the company recorded 111.7% revenue growth in FY24, reaching ₹47.78 crore. Impressively, it also achieved profitability for the first time since its inception.
What’s Next for ToneTag?
With this latest funding, ToneTag aims to enhance its payment solutions and expand its global footprint. The company is focused on revolutionizing contactless transactions and strengthening its position in the fintech ecosystem.
Our Opinion on the News
ToneTag’s fresh funding round reflects growing investor confidence in sound-based payment technology. By achieving profitability after a decade, the company has proven its business viability. As digital transactions continue to evolve, ToneTag’s focus on voice and sound solutions positions it well for further expansion in both domestic and international markets.