Bengaluru-based fintech company ToneTag has raised $78 million (Rs 674 crore) in a Series B2 funding round to expand voice-based payments. The parent company, Naffa Innovations, secured this investment through a mix of primary and secondary capital. Leading the round was ValueQuest S.C.A.L.E. Fund, with contributions from co-investors Iron Pillar and Elevate Inflection Capital LLC. Existing investor Elevate Innovation Partners LLC also participated.
With this funding, ToneTag plans to enhance its research and development (R&D), strengthen marketing efforts, and expand into international markets. The company aims to introduce its voice-based payment solutions in Asia, South America, and the Middle East, providing secure and seamless payment experiences worldwide.
Driving Innovation in Voice-Based Payments
ToneTag is a pioneer in voice-based payment and commerce solutions. It enables digital transactions using soundwave technology, allowing users to make payments with their voices. This breakthrough technology ensures financial inclusion by making digital transactions accessible to users with feature phones or limited internet access.
The company’s flagship services include:
- Voice Commerce Solutions – Enables businesses to integrate voice-powered shopping, ordering, and payment options.
- Oyeti Platform – Helps retail and food businesses adopt voice-enabled commerce solutions.
- VoiceSe UPI – A unique voice-based Unified Payments Interface (UPI) service that allows users to make transactions even offline.
Currently, ToneTag processes over 30 million interactions daily, reinforcing its leadership in the digital payments space.
Global Expansion and Future Plans
ToneTag’s success has been recognized by major tech players like Google and Amazon, along with top Indian banks such as SBI and ICICI. With this new funding, the company aims to scale its technology and operations across multiple global markets.
Founder and CEO Kumar Abhishek emphasized the significance of this investment, stating, “This funding round highlights the confidence our investors have in our vision and technology. With their support, we will redefine consumer experiences and accelerate our global expansion. This is not just a milestone for us but also for India’s fintech innovation.”
Investor Confidence in ToneTag’s Growth
Several investors have expressed strong confidence in ToneTag’s ability to revolutionize digital transactions.
Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, said, “India’s digital payments industry is growing fast, and ToneTag’s voice-based solutions put it in the perfect position to lead this transformation.”
Ashok Ananthakrishnan, Partner at Iron Pillar, added, “We see a massive opportunity for ToneTag to deepen UPI adoption in India and expand into regions like the Gulf Cooperation Council (GCC), Southeast Asia, and South America.”
Sridhar Chityala of Elevate Inflection Capital LLC also praised the company’s unique soundwave communication technology, stating that it has played a crucial role in making digital payments accessible to all users, including those without smartphones.
Promising Future for Voice Payments
The funding round was facilitated by Probhus Ventures, JAA Associates, and Lex Connect Consulting. This strategic investment sets the stage for ToneTag to continue its journey in delivering secure, scalable, and innovative payment solutions globally.
With voice-based payments gaining traction, ToneTag is at the forefront of digital transaction evolution. By breaking barriers in digital finance, it is set to transform the way people make payments, making transactions faster, easier, and more inclusive worldwide.
