In a heroic effort, ToneTag, India's first voice-based payment and commerce solutions company, has managed to raise INR 674 crores (about $78 million) in its Series B2 round of funding. The round was co-led by ValueQuest Scale Fund and Iron Pillar, with Elevate Capital, an existing investor, joining in. The investment is a major milestone for ToneTag in furthering its mission to increase customer payment experiences and expand its presence in global markets.
ToneTag's revolutionary soundwave-based innovation has been generating waves in digital payments, where customers are empowered to make safe, hassle-free transactions without internet connectivity or even physical touch. With more than 30 million transactions a day, ToneTag's high-scale capabilities leave competition behind in these highly competitive payments sector. Not only has this technology earned the trust of global technology behemoths, but it has also been extensively adopted by Indian banks' market leaders.
The new money will be useful to expand ToneTag's business, accelerate its R&D processes, and bolster its talent base. It will also fuel the firm's marketing activities and provide it with the capital it needs to expand into new geographies, including Asia, South America, and the Middle East. The global expansion will position ToneTag to reach a broader base with its cutting-edge solutions, creating new possibilities in the rapidly evolving digital payments market.
ToneTag's success is a testament to India's increasing potential to create world-class technology solutions. As digital payment ecosystems change, ToneTag is at the forefront of developing customer-focused innovations that solve actual problems of everyday life. ToneTag Founder and CEO Kumar Abhishek said that he was ecstatic, reiterating that this round of funding gives the company its vision and tech. He also said that ToneTag is prepared to serve customers all over the world with revolutionary experiences, and it is a milestone not just for the company itself but also for the technology innovation ecosystem of India.
With this fresh capital, ToneTag will lead the future of voice payment and expand bigger in the world, providing seamless and secure transactional experience to consumers as well as businesses.
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