ToneTag raises $1mn led by Reliance

BANGALORE, INDIA: ToneTag has raised $1 Million in funding from Reliance Capital’s Venture fund arm.

Founded in year 2013 by ex-Infosys Kumar Abhishek and co-founder Vivek Kumar Singh with clutch of Angel Investors like Ram Sellaratnam and Rajesh Yohahanna, ToneTag enables contactless payment solution in existing payment eco system by integrating its proprietary software development kit (SDK) at both Merchant (mobile,POS,EDC) and Customer interaction points (M-Wallet, M-Banking Apps).

Unlike NFC or QR Codes, which are hardware dependent; ToneTag works on all mobile devices including feature phones and does not require any capital investment in existing infrastructure.

Mumbai based Investment Banking firm Multistrato Capital Advisors was the financial advisor for the deal.

In a span of two years since its inception, ToneTag has created has given a new significance to the mobile payment technology.

Apart from these, ToneTag has been reviewed as an alternative contactless payment by multiple card networks and was the finalist in Citi Mobile Challenge held in New York.