Bengaluru-headquartered deep-tech startup ToneTag has launched eKosha, a voice-first artificial intelligence (AI) business assistant aimed at bringing banking services directly to India’s micro, small and medium enterprises (MSMEs).
The AI-powered device enables merchants to access banking services, accept digital payments, seek business insights and apply for credit using simple voice commands, eliminating the need to visit a bank branch for routine services.
Voice-powered banking for small businesses
Speaking about the launch, ToneTag Founder and CEO Kumar Abhishek said eKosha is designed to function as a banking extension for MSMEs.
“Just as ATMs extended banking for consumers, eKosha will extend banking for MSMEs,” he said.
Unlike conventional banking apps, eKosha features a voice-first interface that supports 10 Indian languages at launch. Built using ToneTag’s proprietary analogue computing technology, the device can process voice interactions locally, allowing it to function even with limited internet connectivity.
Bringing banking closer to merchants
The platform enables merchants to manage digital payments while also accessing banking services, business information, government schemes and customer support through natural conversations.
According to the company, ToneTag currently serves around 30 lakh MSMEs through its technology platform and expects to onboard another 20 lakh merchants this year. Of these, nearly 5 lakh businesses are expected to adopt eKosha.
The company aims to eventually serve India’s nearly 7 crore MSMEs, making AI-powered banking more accessible and affordable for small businesses across the country.
Banks to power the service
ToneTag clarified that it is not competing with banks or digital payment providers. Instead, the company acts as a technology partner for financial institutions, already working with leading platforms such as Amazon Pay and Google Pay.
Under its Software-as-a-Service (SaaS) model, banks—not merchants—will bear the cost of the service. The company believes the model will help banks reduce operating costs by providing merchants with an always-available conversational banking channel.
Having raised $90 million last year, ToneTag said it is well-capitalised and is currently not seeking fresh funding. The startup believes eKosha could become one of the world’s largest AI deployments focused on empowering India’s MSME sector.