Equal AI raises $30 million in Series B led by Prosus Ventures, Tomales Bay Capital
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Equal AI, which claims to be India's first AI-powered call assistant, has raised $30 million in a Series B funding round co-led by Prosus Ventures and Tomales Bay Capital. The investment was made in tranches and follows the company's $10 million Series A round in November 2024, which was also co-led by the two investors alongside founder Keshav Reddy.
The latest funding round also saw participation from Think Investments, Valiant Fund, PhonePe founder Sameer Nigam, Airtel family office representative Zubin Bharti Mittal, Skyflow AI co-founder Anshu Sharma, Meta India and Southeast Asia Vice President Sandhya Devanathan, and CtrlS Datacenters Chairman Sridhar Pinnapureddy.
The fresh capital will be used to accelerate Equal AI's expansion as it seeks to build an AI assistant platform for India's nearly one billion smartphone users. The company plans to extend its capabilities beyond call management into areas such as concierge services, shopping, financial services, communications and lifestyle assistance.
Equal AI said it currently serves more than one million monthly active users and over 350,000 daily active users, making it one of the largest consumer AI voice products developed in India. The platform helps users manage incoming calls by identifying spam, understanding caller intent, taking actions on behalf of users and handling end-to-end communication tasks.
Founder Keshav Reddy said the company is building a long-term AI platform for Indian consumers while also scaling its enterprise business that supports banks, insurers, fintech firms and digital platforms. According to the company, its enterprise infrastructure has powered services for more than 101 million users to date.
Thiago Viana, Global Co-Head of Prosus Ventures, said Equal AI represents a category-defining opportunity in consumer voice AI and has the potential to evolve into an AI lifestyle concierge serving millions of Indians. Tomales Bay Capital Founder and Managing Partner Iqbaljit Kahlon said the company is building a new layer through which consumers could increasingly manage their digital interactions using voice-based AI.
The funding marks a significant milestone for the startup, which launched its AI assistant less than eight months ago and has rapidly scaled its user base. The company said the investment validates early consumer adoption and will help drive its ambition of becoming a comprehensive AI assistant for everyday needs in India.