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Home » Amazon-backed ToneTag eyes $50 million fundraising
Startup News

Amazon-backed ToneTag eyes $50 million fundraising

3 Mins Read
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SUMMARY

ToneTag is in preliminary discussions with Iron Pillar to raise at least $50 million in a combination of primary and secondary stock sales.

The transaction is expected to see the startup’s valuation more than double from its last valuation of $100 million.

Founded in 2013 by Vivek Singh and Kumar Abhishek, ToneTag provides audio authentication and proximity payment solutions for online and offline commerce.

Offline mobile payments startup ToneTag is reportedly in early-stage talks with Mumbai-based venture capital growth investor Iron Pillar to raise at least $50 million (around INR 420 Cr) in ‘a combination of primary and secondary share sales. The funding round will also see new investors join the startup’s capitalization table.

“Iron Pillar could co-lead the round with other investors, with whom negotiations have started,” the Economic Times reported citing a source.

According to the report, the funding round will see a primary capital injection of $30 million to $35 million. The transaction is also expected to see the startup’s valuation more than double from its last valuation of $100 million.

ToneTag declined to comment on Inc42’s queries on the development.

Founded in 2013 by Vivek Singh and Kumar Abhishek, ToneTag provides audio authentication and proximity payment solutions for online and offline commerce. It also develops integrable software to deploy voice-based digital payment systems. The startup has raised a total funding of over $10 million so far from investors like Amazon, Mastercard, and Elevate Innovation Partners.

Last year, Iron Pillar closed its “Iron Pillar Fund II Series” of funds to 129 million dollars. The venture capital firm planned to invest in Series B and Series C SaaS startups operating in India.

Since then, the company has made an investment in supply chain and logistics SaaS startup Pando. The US-based startup, which operates out of Chennai, then raised $30 million in its Series B round.

Founded in 2016, Iron Pillar provides growth capital and support for enterprise technology and consumer technology startups to scale globally. It primarily leads Series B and C funding rounds and then doubles its breakout business with 5 to 10 times its initial investment. Its portfolio includes startups like BlueStone, Curefoods, FreshToHome, Uniphore and Skill-Lync.

This development comes at a time when startup funding is on the rise. Indian startups have raised a total of $8.7 billion through 766 deals in the first nine months of the current calendar year. This is a 20% increase from the $7.2 billion raised through 691 deals during the same period last year.

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AES stock rises 20% amid speculation of a possible acquisition and a boost in renewable energy investments.

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