Prosus Ventures, Tomales Bay Capital Lead USD 30 Mn Round in Equal AI

Equal AI, an AI company that builds virtual call assistants, has raised USD 30 million in a series B round in tranches co-led by Prosus Ventures and Tomales Bay Capital. These two VCs also had co-led Equal’s series A round in November 2024. 

The round also participation from Think Investments, Valiant Fund, and bunch of individuals such as Sameer Nigam (PhonePe Founder), Zubin Bharti Mittal (Airtel Family Office), Anshu Sharma (Co-founder, Skyflow AI), Sandhya Devanathan (Vice President, Meta India and Southeast Asia), and Sridhar Pinnapureddy (Chairman, CtrlS Datacenters.

Founded in 2022 by Keshav Reddy, Equal started off as a data-sharing and identity infrastructure company, and served over 350 enterprise customers across banking, lending, insurance, and telecom, among others. The identity and consent-driven data-sharing platform also brought access identity databases and 4,000+ API providers, processing over 1 billion transactions annually with KYC success rates of 97%.

In October 2025, Equal diversified into becoming a consumer AI company with its AI call assistant to tackle India’s rising spam call problems. Since the launch, Equal AI has grown to over 1 million monthly active users and 350,000 daily active users.

In a statement Reddy said: “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 101M users till date.”

“Prosus Ventures and Tomales Bay have stood with us since day one. Their decision to deepen this partnership is both a vote of confidence and a responsibility, and we intend to keep earning it. We are building Equal for the long term, and for every Indian.”

Thiago Viana, Global Co-Head, Prosus Ventures, said: “Equal has consistently been ahead of the curve – first in reimagining identity and then data sharing in India, and now is building one of the country’s most ambitious consumer AI Assistants. 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 that will be an AI Lifestyle Concierge for 100M Indians.”