Equal AI seeks fresh funding at up to $1 billion valuation, targets 15 million users by March
Equal AI is positioning itself to benefit from Prime Minister Narendra Modi’s focus on encouraging homegrown technology.
- Oct 15, 2026,
- Updated Oct 15, 2026 6:51 PM IST
Equal AI, an automated call screening app that is taking on Truecaller, is seeking fresh funding at a valuation of $750 million to $1 billion, founder Keshav Reddy said, as the startup targets a fourfold increase in monthly active users by March, Bloomberg reported.
The company has received “early interest” for a growth-stage funding round at the targeted valuation, provided it meets its milestones by March, Reddy said on the sidelines of the Bloomberg New Economy Forum in New Delhi.
Equal AI, which was launched last year, has raised more than $42 million so far across two rounds led by Prosus Ventures. The startup has not disclosed its current valuation.
The company is targeting 15 million monthly active users by March, up fourfold from its current level. This compares with Truecaller’s more than 500 million users globally, most of whom are in India.
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Equal AI is positioning itself to benefit from Prime Minister Narendra Modi’s focus on encouraging homegrown technology. The startup is also betting on India’s engineering talent and demand from its vast population.
The company is now expanding into AI messaging, Reddy said. Most of the new capital will be used for AI infrastructure and user acquisition, while the rest will go towards product development and hiring.
The global AI buildout has driven investments worth hundreds of billions of dollars and created a wave of startups looking to benefit from the boom. However, the initial enthusiasm has been followed by concerns over a potential bubble, with investors questioning high capital expenditure and valuations.
For AI-focused startups, any slowdown in momentum could increase the risk of a funding squeeze.
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine
Equal AI, an automated call screening app that is taking on Truecaller, is seeking fresh funding at a valuation of $750 million to $1 billion, founder Keshav Reddy said, as the startup targets a fourfold increase in monthly active users by March, Bloomberg reported.
The company has received “early interest” for a growth-stage funding round at the targeted valuation, provided it meets its milestones by March, Reddy said on the sidelines of the Bloomberg New Economy Forum in New Delhi.
Equal AI, which was launched last year, has raised more than $42 million so far across two rounds led by Prosus Ventures. The startup has not disclosed its current valuation.
The company is targeting 15 million monthly active users by March, up fourfold from its current level. This compares with Truecaller’s more than 500 million users globally, most of whom are in India.
Don't Miss: Jio has filed 7,220 patents: Akash Ambani pitches technology as competitive edge ahead of mega IPO
Equal AI is positioning itself to benefit from Prime Minister Narendra Modi’s focus on encouraging homegrown technology. The startup is also betting on India’s engineering talent and demand from its vast population.
The company is now expanding into AI messaging, Reddy said. Most of the new capital will be used for AI infrastructure and user acquisition, while the rest will go towards product development and hiring.
The global AI buildout has driven investments worth hundreds of billions of dollars and created a wave of startups looking to benefit from the boom. However, the initial enthusiasm has been followed by concerns over a potential bubble, with investors questioning high capital expenditure and valuations.
For AI-focused startups, any slowdown in momentum could increase the risk of a funding squeeze.
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine