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

Equal AI, a consumer voice artificial intelligence platform, has secured $30 million in Series B funding co-led by Prosus Ventures and Tomales Bay Capital. Additional investors include Think Investments, Valiant Fund, PhonePe founder Sameer Nigam, and Zubin Bharti Mittal of the Airtel family office. The funding will support expansion beyond its core call assistant product into communications, financial services, lifestyle, and concierge services, targeting India’s nearly one billion smartphone users. The company, which launched in October 2025, has already crossed one million monthly active users and 350,000 daily active users. Equal AI’s flagship product screens spam calls, interprets caller intent, and executes tasks on behalf of users, positioning itself as a trusted AI agent for managing communications. As of FY25, the company reported revenue of ₹4.3 crore, up from ₹2.5 crore in FY24, though losses increased from ₹12 crore to ₹19 crore. Equal AI’s growth aligns with India’s booming AI market, which generated $22 billion in revenue in 2025 and is projected to reach $325 billion by 2033, growing at a 38.1% compound annual rate. The startup aims to capitalize on the untapped consumer AI opportunity, particularly in a smartphone-first population where voice interaction dominates digital engagement. The company’s expansion into concierge services will place it in direct competition with other AI-driven ventures like M (backed by Kabeer Biswas) and Swiggy’s Crew. Equal AI’s founder, Keshav Reddy, emphasized the company’s focus on secure, consent-driven data sharing, which has already powered an enterprise platform serving 100 million users across India’s banking, insurance, and fintech sectors. Tomales Bay Capital’s Iqbaljit Kahlon highlighted the potential of consumer AI products tailored for India’s unique voice-first tech landscape. The funding round underscores the growing investor interest in AI solutions designed specifically for India’s vast and rapidly evolving digital consumer base.