Equal AI, a Hyderabad-based voice AI startup, closed a $30 million Series B funding round co-led by Prosus Ventures and Tomales Bay Capital, according to Inc42. The company plans to expand its AI agent platform from call management into shopping, financial services, communications, and lifestyle use cases.
The round, completed in tranches, also included Think Investments, Valiant Fund, PhonePe founder Sameer Nigam, Airtel Family Office’s Zubin Bharti Mittal, Skyflow AI cofounder Anshu Sharma, Meta India and Southeast Asia VP Sandhya Devanathan, and CtrlS Datacenters chairman Sridhar Pinnapureddy, Inc42 reported.
From KYC Verification to Consumer Voice Agents
Founded in 2022 by Keshav Reddy and former Swiggy executive Rajeev Ranjan, Equal AI started as a B2B identity verification aggregator helping businesses streamline KYC processes. In October 2025, the company pivoted into consumer AI with a call assistant that answers unknown calls on behalf of users, speaks with callers using conversational AI, determines the call’s purpose, and delivers a transcript, summary, and recording.
The consumer product has reached 1 million monthly active users and 350,000 daily active users across India, according to the company. On the enterprise side, Equal AI serves more than 350 customers across banking, lending, insurance, telecom, and digital services.
The $30 million follows a $10 million Series A that funded the original enterprise-only offering.
Consumer Voice AI Gets Investor Attention in India
Equal AI’s round reflects growing investor appetite for voice AI agents in the Indian market. Inc42 noted that GenAI startup Gnani.ai recently raised $10 million for B2B agentic AI solutions leveraging its Vachana speech-to-text model. Sarvam AI, another Indian AI startup, is also reportedly in fundraising discussions.
The company’s stated goal is to become “India’s AI Assistant” by building a single intelligent layer deployed on smartphones that handles calls, shopping, finances, and daily tasks. That consumer-first positioning distinguishes Equal AI from the enterprise-focused voice AI plays that have dominated recent funding rounds in the U.S. and Europe.
For builder teams watching agent infrastructure trends: voice agents carry a trust signal that text-based agents do not. A user who hears an AI voice handle a call has a different confidence level than one who reads a chatbot response. Whether that trust advantage translates into sustained retention at scale is the $30 million question Equal AI is now positioned to answer.