Call management and identity verification startup Equal AI has raised $30 Mn (around ₹286 Cr) in its Series B funding round co- led by existing backers including Prosus Ventures and Tomales Bay Capital.
The funding round, which was completed in tranches, also saw participation from Think Investments, Valiant Fund, PhonePe founder Sameer Nigam, Zubin Bharti Mittal from Airtel Family Office, Skyflow AI cofounder Anshu Sharma, Meta India and Southeast Asia VP Sandhya Devanathan, and CtrlS Datacenters chairman Sridhar Pinnapureddy.
The Hyderabad-based startup plans to deploy the fresh capital to expand its offerings beyond call management into shopping, financial services, communications and lifestyle use cases. The startup is aiming to be “India’s AI Assistant” by building a single, intelligent layer which can be deployed on smartphones.
Founded in 2022 by Keshav Reddy and former Swiggy executive Rajeev Ranjan, Equal AI initially operated as a B2B identity verification aggregator, helping businesses streamline KYC processes. Later in October 2025, it diversified into consumer AI space by rolling out an AI call assistant to tackle spam call problems.
The AI agent is designed to answer unknown calls on a user’s behalf, speak with callers using conversational AI, determine the purpose of the call, and then provide the user with a live transcript, summary, and recording.
On the enterprise side, the startup serves more than 350 enterprise customers across sectors including banking, lending, insurance, telecom, and digital services. Meanwhile, on the consumer front, Equal AI claims to have crossed 10 Lakh monthly active users and 3.5 Lakh daily active users across India.
Prior to this round, Equal AI raised $10 Mn in a Series A funding round to scale operations and forge strategic partnerships. It is pertinent to note that during this round, Equal AI was only offering enterprise services.
The fundraise comes amid growing investor interest in voice AI and consumer-facing AI agents, a category that has gained traction globally as users increasingly rely on AI for communication, commerce and everyday digital tasks.
In line with the growing penetration of AI across everyday lives, more consumers are experimenting with AI agents to simplify everyday tasks such as shopping, research, phone calls and financial transactions. India’s voice AI segment is getting significant traction from investors.
For instance, GenAI startup Gnani.ai recently raised $10 Mn to offer B2B agentic AI solutions which enhance customer experience for large enterprises as well as customer-facing businesses by leveraging its speech-to-text model Vachana STT.
Meanwhile, Indian AI startup Sarvam AI, which is in discussions to raise fresh capital at a unicorn valuation, is also mulling opening up access for its voice AI agents platform Sarvam Samvaad, to the general public.
At the heart of this is the growing Indian AI opportunity. India’s AI market is projected to reach $126 Bn by 2030, representing a 5.3X expansion and a potential $1.7 Tn contribution to GDP by 2035.
Source: Inc42 - Startups
