ToneTag announces fundraising to boost its cashless network

ToneTag announced the recent strategic fund raise which brings together a league of cashless and digital crusaders of the country on board.

Arun Seth is Trustee at NASSCOM foundation, Independent Board member at Narayan Hrudalaya, Independent Director Jubilant food works, Advisory Board member of The Energy & Resources Institute (TERI) and Governing Board member of HelpAge India. Mr. Seth also served as Chairman at Alcatel-Lucent India ltd and as Chairman at BT (India) Private Limited.

T.V. Mohandas Pai is the Chairman of Manipal Global Education. He used to be a Member of the board of directors of Infosys, and Head – Administration, Education and Research, Financial, Human Resources, and Infosys Leadership Institute.

Anand Chandrasekaran was the Chief Product Officer of Snapdeal, one of India's pre-eminent Internet companies as well as Chief Product Officer of Bharti Airtel, the third largest mobile operator in the world

Deepak Ghaisas is the chairman of Gencoval Strategic Services Pvt Ltd. Previously he was the CEO - India Operations and CFO of I-flex Solutions Ltd., India.

This announcement has been welcomed by Kumar Abhishek, Founder & CEO, ToneTag

Commenting on this recent raise, Kumar Abhishek, Founder ToneTag said: "ToneTag is creating a payment ecosystem for the country that is completely digital, free from the clutches of cash and enables an inclusive financial environment for the mass. ToneTag with its unique experience, a range of use cases and a strong partner network is thriving to push India into a brighter digital era. MDP, Arun, Deepak and Anand have transformed several businesses with their proficiency and experience. This associations bring valuable know-how to ToneTag and will be an asset to the core team. Their individual and collaborative expertise will be instrumental in defining innovative solutions for our technology and engulf consumers with unique experiences in many ways, through various innovative channels, that were previously not feasible.”

Pranav Pai, on behalf of Mohandas Pai via 3one4 Capital, had this to say:

"The ToneTag team have combined their deep insights of the financial and banking systems in India with core technology innovations to solve a long-standing challenge through a disruptive yet simple set of modalities. With the radical economic reforms that are being rolled out, technology like ToneTag's will be a natural enabler of India's shift into a new information infrastructure."

Arun Seth talking about ToneTag said, "Yesterday's announcement on large currency notes is another indicator of the government  drive to a cashless economy and ToneTag is right at the centre of this change by enabling a customer experience of paying contactless, an experience which is similar to paying like cash but faster and more secure than cards and other payment systems like ORCodes. This is a technology  that plays to the natural power of the phone, which all phones are inbuilt with, a speaker and mic and hence ToneTag will work with every phone not just smart phones which is critical for financial inclusion. It also works with existing financial infrastructure like credit card machines and ATM's so it has universal use and will help drive India to a cashless and card less economy "

ToneTag has partnered with major players in Banking and Wallet sectors to enable contactless digital transactions on mobile phones, card swiping machines, ATMs and all other acceptance enabling devices. This is powered by the fact that ToneTag is absolutely hardware and platform independent and works on sound waves.