ToneTag, a sound-based proximity payments solutions provider, has received a new round of funding that will see angel investors such as Mohandas Pai, chairman of Manipal Global Education, and Anand Chandrasekaran, who was the chief product officer at Snapdeal and currently head of platform / product partnerships for Messenger at Facebook, come in in an advisory role.

Founder Kumar Abhishek did not disclose the amount but said it was more than the last round when the company had raised 1 million from Reliance CapitalBSE -6.05 % last year. Abhishek said the funding was part of a strategic round that was focused more on getting the right network of people.

“Each one of them brings something significant to the table. For example, Anand can give a lot of insight in product development and positioning. Mohandas Pai can help in extending the tech to the public sector, while Deepak Ghaisas, who is the chairman of Gencoval Strategic Services and who was the India head of I-flex solutions, brings a lot of network with banks,” Abhishek said. One of Pai’s funds 3one4capital, headed by his sons, has invested in the company.

Read the complete story on Economic Times.
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