PE Fund Investments
Digital payments co. ToneTag raises $78-M from ValueQuest, Iron Pillar, others
Bengaluru-based digital payments firm ToneTag has raised USD 78 million in a fresh funding round from ValueQuest Scale Fund and venture capital fund Iron Pillar. Existing investor Elevate Innovation Partners has also participated in the round. The round is a mix of primary and secondary capital.ToneTag claims to have built a sound-based payment system to power both online and offline merchant transactions. It also offers an inventory management system for merchants and works with the National Payments Corporation of India (NPCI) to power UPI123 Pay, a feature phone-based payment system. The firm aims to use the fresh funds to scale up its operations and tap global markets as well.
Between 2015 and 2018, ToneTag had raised about USD 9 M from Amazon, Reliance Venture, 3ONE4 Capital, Elevate Innovation Partners, others.For FY24, ToneTag had reported about INR 48 Cr in Operating Income and about INR 21 Cr in PAT.
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