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ToneTag has launched eKosha, a voice-powered AI business assistant that lets small businesses access banking services, payments, credit and support through simple conversations, reducing the need to visit a bank branch.
Bengaluru-headquartered DeepTech platform ToneTag has launched eKosha, a voice-first AI-powered business assistant designed to bring banking services directly to merchant counters, as the deep-tech startup looks to expand financial access for India’s millions of micro, small and medium enterprises (MSMEs).
Speaking to CNBC-TV18, ToneTag Founder and CEO Kumar Abhishek said the device is designed to function as a banking extension for MSMEs, allowing merchants to access banking services, business information and credit through natural voice conversations without having to visit a bank branch.
“Just as ATMs extended banking for consumers, eKosha will extend banking for MSMEs,” Abhishek said.
The company currently serves around 30 lakh MSMEs through its technology platform and expects to add another 20 lakh merchants this year. Of these, around 5 lakh MSMEs are expected to adopt eKosha during the year.
Abhishek said the company has built the device to eventually serve all of India’s nearly 7 crore MSMEs, with pricing designed to make the product affordable for businesses across the country.
Unlike traditional banking apps, eKosha uses a voice-first interface and supports 10 Indian languages at launch. Built on ToneTag’s proprietary analog computing technology, the device is capable of processing voice interactions locally, enabling offline functionality while reducing dependence on cloud infrastructure.
The platform enables merchants to accept digital payments while also accessing banking services, credit, business insights and customer support through conversational AI.
Abhishek said the company is not competing with banks or payment providers, but instead acts as a technology partner. ToneTag already works with banks and payment companies, including platforms such as Amazon Pay and Google Pay, providing the underlying technology that powers merchant services.
According to him, eKosha addresses a key challenge faced by merchants as digital payments become a larger share of their business. Rather than waiting on customer support helplines when payment issues arise, merchants can interact with the device in their preferred language and receive assistance in real time.
The company believes the product could become one of the world’s largest AI deployments focused on MSMEs by making artificial intelligence affordable and accessible to small businesses.
Abhishek said banks, rather than merchants, will pay for the service under a Software-as-a-Service (SaaS) model. He said financial institutions can lower servicing costs by replacing expensive branch visits and relationship management with an always-on conversational banking channel.
ToneTag, which raised $90 million last year, is not looking to raise fresh capital at present, Abhishek said, adding that the company is “well capitalised.”
According to the company, eKosha enables banks to offer merchant banking services directly at the point of payment without requiring additional infrastructure. The platform supports UPI, CBDC payments while also enabling access to banking services, government schemes, credit and business insights through natural language interactions.
(Edited by : Prashant)
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Digital PaymentsfintechMSMEUPI
