Naffa Innovations Pvt. Ltd. (ToneTag), a leading provider of voice-based payment and commerce solutions in India, has secured INR 674 crore in its Series B2 funding round. The investment comprises primary and secondary capital and is led by ValueQuest S.C.A.L.E. Fund and its co-investors, who have committed over 50% of the total round. Other investors include Iron Pillar and Elevate Inflection Capital LLC, with existing investor Elevate Innovation Partners LLC also participating.
With over 30 million daily interactions, ToneTag leverages its patented soundwave protocol to offer seamless digital payment solutions. The company serves major global technology firms and leading Indian banks in a B2B SaaS model.
The newly secured funds will support the company’s efforts in scaling operations, advancing research and development, expanding its talent pool, and strengthening marketing initiatives. Additionally, ToneTag is eyeing market expansion in Asia, South America, and the Middle East to widen its reach.
Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, commented on the investment: “India’s digital payment landscape is growing rapidly, and we are excited to partner with ToneTag. Its voice-based technology, along with regulatory and customer validation, positions it well to capture market opportunities. At ValueQuest, we support companies leveraging new technology to address real-world challenges.”
As digital payment adoption continues to grow, this funding round positions ToneTag to enhance its solutions and expand its footprint globally, further strengthening India’s role in fintech innovation.
