Voice AI startup Equal raises $30 million from Prosus Ventures, Tomales Bay

Consumer voice AI platform Equal AI has raised $30 million in a Series B funding round co-led by Prosus Ventures and Tomales Bay Capital, the company said Friday.

Think Investments, Valiant Fund, PhonePe founder Sameer Nigam and Zubin Bharti Mittal from Airtel family office also participated in the round.

Equal did not disclose its valuation following the latest fundraising.

The new capital will be used to expand beyond its core call assistant product into communications, financial services, lifestyle and concierge offerings, the company said, as it targets India’s nearly one billion smartphone users.

The fundraise comes at a time when India’s consumer AI market is approaching an inflection point, driven by a smartphone-first population whose primary mode of digital interaction is voice over text.

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India’s artificial intelligence market will generate $22 billion in revenue by 2025, according to Grand View Research. This figure is expected to increase to $325 billion by 2033, with a compound annual growth rate of 38.1%.

While enterprise-focused voice AI startups have attracted increased investor attention in recent years, founders and venture capital investors have argued that a large and largely untapped opportunity remains to build AI products directly to consumers.

Given the company’s announcement that it will move to concierge-style offerings, Equal is poised to compete with now-defunct Dunzo co-founder Kabeer Biswas’ last venture M, whose Peak XV raised $11 million from Blume Ventures. Apart from Swiggy’s Crew, AI-based concierge services startups include Pokus, Faff, Aviha, Robin Home, Khwaaish and a few more.

Investor bet

“When we raised our Series A, we were a young company with a simple belief that secure, consent-based data sharing could unlock new opportunities for every Indian. Today, that same belief has spawned two engines: Equal AI, which over a million Indians already use every month to take back control of their phones, and an enterprise platform that has become the infrastructure for India’s largest banks, insurers, fintechs and digital platforms, powering 100 million users to date,” company founder Keshav Reddy said in a statement.

The company had previously raised $10 million from Prosus Ventures and Tomales Bay Capital in its Series A round in 2024.

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“The most interesting consumer AI products of the next decade are not being made in San Francisco, they are being made for the billions of people who carry smartphones and whose relationship with technology is primarily voice, not text,” Iqbaljit Kahlon, founder and managing partner of Tomales Bay Capital, said in a statement.

Launched in October 2025, Equal AI said it surpassed one million monthly active users and 350,000 daily active users in less than eight months.

As of FY25, the company’s revenue was as follows: ₹4.3 crore ₹2.5 crore in the previous financial year. Losses also increased ₹12 crore in FY24 ₹19 crore in FY25, according to data from startup intelligence platform Tracxn.

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The company’s flagship product currently scans spam calls, interprets the caller’s intent, and executes tasks on behalf of users. Equal AI describes this as the beginning of a broader behavioral shift in which consumers increasingly rely on AI agents to manage communications on their behalf.

The company now plans to build on this foundation by expanding into a broader range of AI-powered consumer services.