Friday, March 29

Bengaluru based Payment Platform Raises $10 Million Funding From Amazon

Bengaluru based ToneTag, a contactless payment platform has raised $8-10 million from investors like Amazon Inc. and Mastercard etc.

Founded in 2013, ToneTag enables contactless digital transactions on mobile phones, card swiping machines, automated teller machines and other payment-enabling devices.

The payment platform enables existing POS devices to accept payments using sound.

Tonetag was founded by Kumar Abhishek and Vivek Singh and currently have a 47-member team constantly working to bring innovation to its technology.

ToneTag has filed 7 global patents for a variety of exciting use cases in the payments ecosystem and the offline retail space and has touched the lives of its over 50 million global consumers.

The startup collaborated over 250,000 merchants to made their devices contactless.

The ToneTag founders and Amazon did not reply to Pixr8’s Query regarding the funding round.

Manipal Global Education chairman Mohandas Pai, PremjiInvest’s chief investment officer T.K. Kurien and Facebook executive Anand Chandrasekaran is the early investors in the company.

This is the third major investment from Amazon in India in last six months. Earlier, the company invested in online insurance start-up Acko and digital lending start-up Capital Float.