Equal AI, an Indian startup that built an AI assistant to answer phone calls on your behalf, has raised $30 million in a Series B led by Prosus Ventures and Tomales Bay Capital. Think Investments and Valiant Fund also participated, alongside individual investors including PhonePe founder Sameer Nigam and Meta’s India and Southeast Asia VP Sandhya Devanathan. Total funding now exceeds $42 million.

The problem is simple and enormous. Indian consumers receive a relentless stream of calls from delivery drivers, insurance agents, financial service companies, scammers, and recruiters. “If you are buying car insurance, you might get 20 calls over a week, and that is hard to tackle for a human,” founder Keshav Reddy told TechCrunch.

Equal AI’s Android app screens unknown calls by answering them with an AI agent that asks why the person is calling. It shows the user a summary of the reason on screen, along with quick reply options like “Leave the delivery near the door” or “Give it to the neighbor.” The AI reads the selected reply back to the caller. Users can also type a custom message. Every call is recorded with a transcription and summary available in the app.

Since launching last year, the app has grown to more than one million monthly active users and over 300,000 daily actives. The company built support for more than 10 Indian languages, including code-mixing, the common practice of blending multiple languages in a single sentence. English support alone is not enough for the Indian market.

The funding round has an unusual structure. It is split into three tranches, each at a different valuation depending on whether the startup hits predetermined targets. The approach, which is growing but still uncommon, lets a startup advertise its highest valuation even if most of the equity was sold at a lower price. Equal AI declined to share its specific valuations.

The startup was founded in 2022 by Reddy, who comes from the family behind Indian conglomerate GVK, which has holdings in infrastructure, energy, and healthcare. Equal started as a data-sharing company for financial services and still offers KYC verification and financial data analysis alongside the consumer app.

Competition is real. Google and Apple both have call screening products. Truecaller, a household name in India with hundreds of millions of users, is building its own AI assistant features. In the US, a16z-backed Cloaked launched call screening last year. Prosus’s Thiago Viana said Equal’s local context understanding gives it an edge.

Next steps include screening calls from known numbers, making outbound calls on a user’s behalf to book appointments, an iOS version, and a paid subscription tier. Prosus has been investing in AI assistants for local markets, including Spain’s Luzia and Latin America’s Zapia. Both were hit by Meta’s ban on third-party AI bots on WhatsApp, which is why Equal AI built around calls and its own app rather than piggybacking on a messaging platform. The lesson: platform dependency is the risk that kills distribution.

In India, consumers receive a lot of calls every day, ranging from spam and scams to delivery people and financial service companies trying to contact them. There are apps like Truecaller and the government’s Calling Name Presentation (CNAP) system to identify who is calling, but knowing the name of the caller is often not enough. That is why Equal AI is creating an assistant that can receive calls on your behalf, gather information, and tell you why someone is calling.

The app is currently available on Android, and since its launch last year, it has grown to more than a million monthly active users and over 300,000 daily active users, it says. The app screens the call and displays the reason someone is calling you.

The dialer shows quick reply options like “Leave the delivery near the door” or “Give it to the neighbor,” and the AI reads them back to the caller. You can also type a custom message for the AI to read out. The app records the call, and users can see the recording and transcription history with a summary in the app.

Equal AI said today it has raised $30 million in Series B funding led by Prosus Ventures and Tomales Bay Capital with participation from Think Investments and Valiant Fund. Individual investors include Indian fintech PhonePe’s founder Sameer Nigam, Zubin Bharti Mittal from Airtel Family Office, Skyflow AI co-founder Anshu Sharma, Meta India and Southeast Asia’s VP Sandhya Devanathan, and CtrlS Datacenters’ Chairman Sridhar Pinnapureddy. With the new funding, the company has raised over $42 million to date.

The round is structured in three tranches, with the startup carrying a different valuation at each stage depending on whether it hits predetermined targets — a growing but still uncommon approach in which startups sell equity at different prices within the same round. The structure has an unusual quirk: it lets a startup advertise the highest valuation achieved, even if the bulk of the equity was sold at a lower one. Equal AI declined to provide its specific valuations.

The startup was founded by Keshav Reddy in 2022. Reddy comes from the family behind Indian conglomerate GVK, which has holdings across infrastructure, energy, and healthcare. Equal started as a data-sharing company for financial services and still offers data for financial analysis and know your customer (KYC) verification services for employers.

“We always wanted to be a customer-facing company, and with Equal AI, the first use case we launched was a call assistant because we realized users get a ton of calls for financial services or job openings. If you are buying car insurance, you might get 20 calls over a week, and that is hard to tackle for a human,” founder Reddy told TechCrunch about why the company started there.

The app currently only screens unknown calls, but the company is planning to introduce the ability to screen calls from known numbers too. The company also wants the AI assistant to take proactive action on a user’s behalf — such as texting a delivery person your address (with consent) or making outbound calls to book appointments. The startup said it is also working on an iOS version of the app and a paid subscription tier with more features.

Equal AI is using a mix of speech recognition, automatic speech recognition (ASR), and speech generation models with its own orchestration layer. English support matters, but consumers in India often speak in their native language or blend multiple languages in a single sentence — a phenomenon called code-mixing. Equal AI says it has built support for over 10 languages with this in mind.

The startup has stiff competition. Google and Apple both have call screening products. Truecaller, already a household name in India, has been building out its own AI assistant features. In the U.S., a16z-backed privacy startup Cloaked also launched call screening last year. Thiago Viana, global co-head at Prosus Ventures, said that Equal’s understanding of local context gives it an edge.

“Equal AI promises to screen calls for you and provide context on why someone is calling. We think that if an app does well in a few use cases, it can quickly become popular in its niche and create user stickiness to expand in different areas later on,” he told TechCrunch by phone.

Prosus has been investing in AI assistant startups that focus on local markets. Its portfolio includes Spain-based Luzia and Latin America-based Zapia. Both were caught up in Meta’s ban on third-party AI bots on WhatsApp, which serves as a cautionary tale for platform dependency. Equal AI said that it didn’t want to create that kind of dependency — which is why it built around calls and its own app rather than piggybacking on a messaging platform.