ToneTag

paymentsproximity mobile paymentssoftware/whitelabel/apis-payments

FOUNDING YEAR: 2013
LOCATION: India
Last Update: 17/07/2020

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About

ToneTag harnesses the power of sound to build a robust channel of data communication to enable extraordinary experiences across businesses. The technology utilizes a proprietary software which gives way for quick and easy data communication. Being a software element, it can easily be integrated into existing hardware, making it interoperable and platform independent. Protected with multiple layers of security, data security is our number one priority. The technology provides unparalleled convenience and experiences for a multitude of use cases across the payments, retail and mobility sector. We empower small merchants in remote areas to large MNCs to understand, reach and engage with their customers with a simple but futuristic technology. ToneTag was formed in 2013 in the Silicon Valley of India, Bangalore and since then we have cemented ourselves as a pioneer in sound technology. With a vision to constantly innovate, the possibilities of our technology are unlimited.

MEDICI Analysis

ToneTag is a sound-wave communication tech platform that allows contactless payment using the sound waves on any device, independent of the instrument or the infrastructure. With SDK integration into Merchant (mobile, POS, EDC) and customer interaction points (m-wallet, m-banking apps), users can send and receive payments without any hardware involvement.

Focus

PRODUCTS & SERVICES

ToneTag offers the following solution: 1. ToneTag for Payments: Enables contactless transactions by integrating ToneTag SDK with mobile apps, EDC/POS and ATM machines. 2. ToneTag for Retail: RetailPod helps retailers and merchants collect payment without using cash or card in real time. 3. ToneTag for Mobility: Its mobility solutions help customers to make cashless payments.

REVENUE MODEL

We charge license fee for our product with Payment instrument issuers, while with merchant acquirers, we charge a small fee on every additional transaction we bring.

MAIN CLIENTS

Payu

YES BANK

Mobikwik

EXISTING PARTNERSHIPS

HDFC

ICICI (Pockets)

PRIMARY PROBLEM SOLVED

ToneTag solves the proximity payment problem of the payment ecosystem. Our sound-based payment SDK enables all hardware including EDC, laptop/desktop, and mobile phones to accept digital payments without any hardware upgrade.

INTELLECTUAL PROPERTY

Patent(s) FILED

Traction

COMPANY TYPE:

For Profit

REVENUE COMMENT:

ToneTag has a hybrid model, where it earns a fixed revenue by way of an annual license fee and transaction revenue out of a cut in MDR.

ACTIVE USERS COMMENT:

ToneTag is a product company and is live with its partner apps like Airtel money, Freecharge, YES Pay, ICICI Pockets. ToneTag technology is presently available to 40 million customers and 25,000 merchants.

TRACTION COMMENT:

ToneTag will be live with at least 5 issuers having more than 80 million customers and nearly 50% of existing merchant ecosystem players in India having more than 500K merchants

People

FOUNDERS

Kumar Abhishek

Kumar Abhishek (CEO)

Vivek Kumar Sing (CFO)

BOARD MEMBERS AND ADVISORS

Arun Seth

Ram Sellaratnam

T.V. Mohandas Pai

Manish Dugar

T. K. Kurien

BS Nagesh

Sridhar Chityala

Anand Chandrasekaran

Pulak Ghosh

NUMBER OF EMPLOYEES

11-50

INVESTORS:

3one4 Capital

Aditya Birla Group

Akash Prakash

Akshay Singh

Amazon

Anand Chandrasekhar

Arihant Gajendrakumar Patni

Arun Seth

Bhumija Patil

Country Roads Entertainment & Hospitality

Deepak Ghaisas

Elevate Innovation Partners

Manish Duggar

Manoj Chawla

Mastercard

Mohandas Pai

Neeraj Baghel

Nilesh Trivedi

Rajesh Yohannan

Ram Sellaratnam

Ravi Sharma

Reliance Capital

Reliance Venture Asset Management

Sharat Seth

Suvobroto Sarkar

Tekkethalakal Kurein

The Singapore Fintech Awards

Vikas Verma

Tropical Star Limited

Anand Chandrasekaran

T K Kurien

KEY EMPLOYEES:

vivek singh

Abhishek Kumar (CEO)

COMMENT:

ToneTag has a 41-member team dedicated to building top-notch proximity technology. The team consists of technical minds with a dedicated research fellow in audio technology,extensive experience in building financial products. ToneTag is mentored,guided by industry veterans who are at leadership roles in the FinTech space.

Momentum

FUNDED

NO

NUMBER OF FUNDING ROUNDS

4

TOTAL FUNDING

$9.33 M

DATE OF LAST FUNDING

May 2018

IPO STATUS

Private

ESTIMETED REVENUE RANGE

$1M to $10M

SEED CLOSED ON

Nov 2016

LISTED

NO

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

1,213

AVERAGE VISITS (6 MONTHS)

2,306.88

MONTHLY VISITS GROWTH

203.74%

VISIT DURATION

50

VISIT DURATION GROWTH

-60.09%

PAGE VIEWS VISIT

2.47

PAGE VIEWS VISIT GROWTH

-49%

BOUNCE RATE

38.76%

BOUNCE RATE GROWTH

20.39%

GLOBAL TRAFFIC RANK

5,208,519

MONTHLY RANK CHANGE

-6,528,581

MONTHLY RANK GROWTH

-55.62%

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ToneTag

About

ToneTag is a secure sound-wave communication technology platform which enables payments and proximity customer engagement services on any device, independent of the instrument or the infrastructure.

Focus

PRODUCTS & SERVICES

ToneTag is a sound based proximity communication provider that enables contactless proximity communication, contactless payments, location based services and customer engagement services among a multitude of other solutions.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Retailers

Enterprise - Others

Small and Medium Business - Physical Retail

PRODUCT ATTRIBUTES

Other

STRATEGIC CLIENTS AND PARTNERSHIP

Yes Bank : Enabled sound payments in Yes Pay Wallet

ICICI Bank Limited : Enabled mobile wallet and UPI apps with Tonetag feature

Airtel : Enabled Airtel money for sound based offline payments

Bank of Baroda : Enabled sound payments in Bank of Baroda M-Connect

Freecharge : Enabling their wallet with ToneTag feature

Traction

CHANNEL STATUS

INITIAL CLIENTS

People

BOARD MEMBERS AND ADVISORS:

Kumar Abhishek, Vivek Singh

INVESTORS:

Reliance Capital

Momentum

FUNDED

YES

TOTAL FUNDING:

$1 M

LISTED

NO

FUNDING SERIES
Seed
Jul 2015
USD100 K
Reliance Capital