Equal AI Raises $30 Mn Series B Led by Prosus, Tomales Bay

Consumer AI startup Equal AI has raised $30 million in a Series B funding round co-led by Prosus Ventures and Tomales Bay Capital. The Hyderabad-based company will use the fresh capital to scale its AI call assistant and expand into communications, financial services, lifestyle, shopping, and concierge services for India’s smartphone users.

Inside Equal AI’s $30 Million Series B Funding Round

The Series B round saw participation from Think Investments and Valiant Fund, alongside a roster of prominent angel investors.

These included PhonePe founder Sameer Nigam, Airtel family office member Zubin Bharti Mittal, Skyflow co-founder Anshu Sharma, Meta India and Southeast Asia vice president Sandhya Devanathan, and CtrlS Datacenters chairman Sridhar Pinnapureddy.

Prosus Ventures and Tomales Bay Capital had also co-led Equal AI’s $10 million Series A round in November 2024. The latest raise takes the company’s total funding to date past $42 million.

Some reports indicate the round is structured across three tranches with milestone-linked valuations. Equal AI did not disclose its post-money valuation.

How Keshav Reddy Built Equal AI From Identity Infrastructure to Voice AI

Equal AI was founded in 2022 by Keshav Reddy, a former venture capitalist who has backed startups including Cred, Upstox, Hive, Genies, and Chipper Cash.

The company initially operated as a consent-based data-sharing and identity infrastructure platform serving banks, lenders, insurers, telecom operators, and digital services.

Equal AI entered the consumer artificial intelligence segment in October 2025 with the launch of what it describes as India’s first AI-powered call assistant.

The product helps users identify callers, screen spam calls, understand call intent, and perform routine actions on their behalf through a voice-first interface.

Prosus Ventures and Tomales Bay Capital Back India’s Consumer AI Push

Thiago Viana, global co-head of Prosus Ventures, said the company is building one of India’s most ambitious consumer AI platforms.

“Equal AI is a category-defining bet on what voice AI can do for everyday Indians. We are very excited to deepen our investment in Keshav and Equal AI who will accelerate to become India’s AI Assistant,” Viana said.

Iqbaljit Kahlon, founder and managing partner at Tomales Bay Capital, said Equal AI is reshaping how Indians interact with their digital lives.

“We co-led the Series A and are deepening our commitment in this round because Equal is not building a feature. They are building the layer through which hundreds of millions of Indians will interact with their digital lives,” Kahlon said.

Equal AI User Growth and Enterprise Business Metrics

Equal AI has crossed 1 million monthly active users and more than 300,000 daily active users within eight months of its consumer launch, making it one of the largest consumer AI voice products built in India.

The app supports more than 10 languages and handles the code-mixed speech common across Indian markets.

On the enterprise side, Equal AI serves over 350 customers across banking, insurance, telecom, and digital platforms.

The company says it has access to more than 50 identity databases and 4,000 API providers, processes over 1 billion transactions annually, and reports KYC success rates of 97 percent.

What the Funding Means for India’s Consumer AI Market

The funding arrives as investor interest grows in AI-native consumer applications built specifically for Indian use cases rather than adapted from global products.

India’s AI market generated $22 billion in revenue in 2025 and is projected to reach $325 billion by 2033, at a compound annual growth rate of 38.1 percent, according to Grand View Research.

With concierge-style services on its roadmap, Equal AI is set to compete with ventures such as M, founded by former Dunzo co-founder Kabeer Biswas, as well as Swiggy’s Crew and a growing field of emerging players.

Founder Keshav Reddy said the company will keep investing aggressively across both its consumer and enterprise engines.

“That same conviction has produced two engines: Equal AI, which more than a million Indians are already using every month, and an enterprise platform that has become infrastructure for India’s largest banks, insurers, fintechs and digital platforms,” Reddy said.

Equal AI also faces established players in call screening, including Truecaller, Google, and Apple, as it works to build a broader AI assistant layer for India’s nearly one billion smartphone users.