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Total amount raised
$92M
Latest funding date
2026-02-18
Location
ToneTag has successfully raised funds over 6 rounds, with the latest being a Series B round. The company is backed by 16 investors, including ValueQuest Investment Advisors and Elevate Innovation Partners.
What Is ToneTag?
ToneTag is a digital payments startup based in Bangalore, Karnataka, India. The company specializes in developing a mobile payment platform that offers cashless and contactless payment services. It operates in various industries, including E-Commerce, Financial Services, FinTech, Mobile Devices, and Mobile Payments.
Founded in 2013, ToneTag employs between 11-50 people. The company is known for its innovative payment solutions, such as Proximity Payments, Agentic AI Payments, and IoT Payments, which enhance customer engagement and streamline payment processes.
How Much Funding Has ToneTag Raised?
- Series B Extension (Series B-III) — Qualcomm Ventures Round
- Amount Raised: USD 3,870,000 (~Rs 35.16 crore)
- Date: February 18, 2026
- Lead Investors: Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To deploy edge AI-powered, payment-capable modules globally and advance sound-based contactless payment technology.
- Secondary Market (Shareholder Liquidity)
- Amount Raised: Undisclosed
- Date: June 2025
- Investors: 3one4 Capital (exit/secondary sale)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide a profitable liquidity exit for early investor 3one4 Capital after an 8-year journey.
- Series B2 (Primary + Secondary)
- Amount Raised: USD 78,000,000 (~Rs 674 crore)
- Date: February 11, 2025
- Lead Investors: ValueQuest S.C.A.L.E. Fund
- Participating Investors: Iron Pillar, Elevate Inflection Capital LLC, Elevate Innovation Partners LLC
- Valuation at Round: ~USD 400,000,000
- Motivation Behind the Round: To scale operations, advance R&D efforts, recruit quality talent, and enhance marketing. ToneTag also aims to expand into new regions in Asia, South America, and the Middle East.
- Corporate Round
- Amount Raised: USD 8,000,000 (reported range: $8M–$10M)
- Date: May 2018
- Lead Investors: Amazon, Mastercard
- Participating Investors: 3one4 Capital, Elevate Innovation Partners, Mohandas Pai, T.K. Kurien
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities and expand market presence.
- Series Unknown
- Amount Raised: USD 1,330,000 (~Rs 8.46 crore)
- Date: January 2018 (investment made September 2017)
- Lead Investors: Tropical Star Limited
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and product development.
- Seed
- Amount Raised: Undisclosed
- Date: November 2016
- Investors: 3one4 Capital (Pre-Series A led), Arun Seth, T.V. Mohandas Pai, Anand Chandrasekaran, Deepak Ghaisas
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the product and expand the core team.
- Seed
- Amount Raised: USD 1,000,000
- Date: August 2015
- Lead Investors: Reliance Capital (Reliance Venture Asset Management)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company and build the core team.
Total Amount Raised: At least USD 88,200,000 based on disclosed funding (sum of known amounts: $78M Series B2 + $3.87M Series B-III + $8M Corporate + $1.33M Series Unknown + $1M Seed 2015; the November 2016 Seed and June 2025 secondary amounts are undisclosed). Current Valuation: ~USD 400,000,000 (as of February 2025 Series B2; otherwise not publicly disclosed for other rounds).
Key Investors
- ValueQuest S.C.A.L.E. Fund
- Details: ValueQuest S.C.A.L.E. Fund is a private equity fund founded by stock market veteran Ravi Dharamshi. It led ToneTag's Series B2 funding round in February 2025.
- Investment Focus Areas: Technology, Financial Services, Consumer Goods
- Notable Investments: ToneTag (Series B2 Lead)
- Qualcomm Ventures
- Details: Qualcomm Ventures is the global investment arm of Qualcomm Incorporated. It led ToneTag's Series B Extension (Series B-III) round in February 2026, with partner Rama Bethmangalkar associated with the deal.
- Investment Focus Areas: Edge AI, Deep Tech, Mobile Payments, Semiconductors
- Notable Investments: ToneTag (Series B-III Lead, 2026)
- Iron Pillar
- Details: Iron Pillar is a venture capital firm that has been tracking ToneTag since 2017 and participated in the Series B2 funding round in February 2025.
- Investment Focus Areas: Digital Payments, Technology, FinTech
- Notable Investments: ToneTag (Series B2)
- Amazon
- Details: Amazon is a global e-commerce and technology giant that co-led ToneTag's corporate funding round in 2018 alongside Mastercard.
- Investment Focus Areas: E-Commerce, Cloud Computing, Artificial Intelligence
- Notable Investments: ToneTag (Corporate Round, 2018)
- 3one4 Capital
- Details: 3one4 Capital is an Indian venture capital firm that led ToneTag's Pre-Series A (Seed) round in 2016–2017 via Fund II and exited via a secondary sale in June 2025 with strong returns after an 8-year investment journey.
- Investment Focus Areas: Technology, FinTech, Consumer Internet
- Notable Investments: ToneTag (Seed/Pre-Series A 2016–2017; exited 2025)
What's Next for ToneTag?
With a fresh infusion of $78 million from its Series B2 funding round, ToneTag is poised to scale its operations and advance its R&D efforts. The company aims to expand its market reach into new regions in Asia, South America, and the Middle East, capitalizing on the rapid growth in digital payments and the increasing adoption of voice-based technology.
Future fundraising opportunities seem promising, given the successful Series B2 round and the company's ambitious expansion plans. However, ToneTag may face challenges such as competition in the fintech space, regulatory hurdles in new markets, and the need to ensure the stability and scalability of their technology as they grow globally.
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