Consumer voice artificial intelligence 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 in a statement on Friday.
The round also saw participation from Think Investments, Valiant Fund, PhonePe founder Sameer Nigam, and Zubin Bharti Mittal of the Airtel family office.
Equal did not disclose its valuation post the recent fundraise.
The company said the fresh capital will be used to expand beyond its core call assistant product into communications, financial services, lifestyle and concierge offerings, as it targets .
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 rather than text.
India’s AI market generated $22 billion in revenue in 2025, according to Grand View Reseach. That number is expected to jump to $325 billion by 2033, at a compound annual growth rate of 38.1%.
While enterprise-focused voice AI startups have attracted increasing investor interest in recent years, founders and venture capital investors have argued that a large and largely untapped opportunity remains in building AI products directly for consumers.
Given the company’s announcement that it will be moving into concierge-style offerings, Equal is set to compete with now-defunct Dunzo co-founder Kabeer Biswas’ latest venture M, which raised $11 million from Peak XV, Blume Ventures. include Swiggy’s Crew, as well as 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 conviction, that secure, consent-driven data sharing can unlock new opportunities for every Indian. Today, that same conviction has produced two engines: Equal AI, which more than a million Indians are already using every month to take back control of their phones, and an enterprise platform that has become infrastructure for India’s largest banks, insurers, fintechs and digital platforms powering 100 million users till date,” said company founder Keshav Reddy in a statement.
The company had previously raised $10 million in its Series A round in 2024 from and Tomales Bay Capital.
“The most interesting consumer AI products of the next decade are not being built in San Francisco, they are being built for the billion people who carry a smartphone and whose relationship with technology is primarily voice, not text,” said Iqbaljit Kahlon, founder and managing partner, Tomales Bay Capital, in a statement.
Equal AI, which launched in October 2025, said it has crossed one million monthly active users and 350,000 daily active users in under eight months.
As of FY25, the company’s revenue stood at ₹4.3 crore, up from ₹2.5 crore in the previous fiscal. Losses also grew, jumping from ₹12 crore in FY24 to ₹19 crore in FY25, according to data from startup intelligence platform Tracxn.
The company’s flagship product currently screens , interprets caller intent and executes tasks on behalf of users. Equal AI describes this as the beginning of a broader behavioural shift in which consumers increasingly trust AI agents to manage communications on their behalf.
The company is now looking to build on that foundation by expanding into a wider range of AI-powered consumer services.