3one4 Capital

27/06/2025

3one4 Capital Secures a Profitable Exit from ToneTag 🚀

3one4 Capital is proud to announce a highly successful and profitable exit from ToneTag, the global deep tech pioneer in soundwave-based digital payments, generating a 5.73x return and 28% IRR on invested capital.

The milestone marks the culmination of an 8-year journey that began with our lead investment in ToneTag’s Pre-Series A round in 2017, driven by early conviction in its transformative potential, now realised through a full exit.

From Pre-Revenue to A Market Winner: A Story of Exceptional Growth⚡🔊

Founded a decade ago by Kumar Abhishek and Vivek Singh, ToneTag set out to merge sound ("Tone") with digital identifiers ("Tag") to redefine contactless payments. By bypassing the hardware dependencies of QR codes and NFC, ToneTag’s soundwave technology created a new dimension in proximity payments.

Throughout our partnership, we worked closely with the ToneTag team to refine their monetisation model, scale enterprise partnerships, and support the company’s rapid evolution from a pre-revenue concept to a profitable market leader with:

•⁠ ⁠Exceptional unit economics and profitability metrics with ~65% EBITDA
•⁠ ⁠Healthy bottom-line performance with ~30% PAT
•⁠ ⁠800,000+ merchants onboarded and $32B+ in annual TPV across - 1M+ installed network nodes
•⁠ ⁠50,000+ new nodes deployed weekly
•⁠ ⁠ Enterprise Validation: Trusted by major clients including Google, Amazon, Airtel, ICICI Bank, SBI, Yes Bank, and PhonePe.

ToneTag’s trajectory reinforces our thesis: that durable, differentiated technology combined with disciplined ex*****on creates category leaders with global relevance. 🌐♻️

We remain excited about ToneTag's future as it continues to push the boundaries of payment technology, expand its user base, and bring advanced, user-friendly payment solutions to an even broader market. The team’s ability to transform pervasive audio tech into seamless user experiences gives us great confidence in their continued leadership.

To the ToneTag team - thank you for the partnership. We’re proud to have been part of your story! 🤝

09/03/2025

⭐ 𝗗𝗮𝗿𝘄𝗶𝗻𝗯𝗼𝘅 𝗥𝗮𝗶𝘀𝗲𝘀 $𝟭𝟰𝟬𝗠 ⭐

From Early Backing to Global Scale - 3one4 Capital Celebrates an Extraordinary Journey 🚀

We're delighted to share that Darwinbox, Asia’s largest HR tech platform, has secured $140 million from Partners Group and KKR. This round validates Darwinbox’s robust fundamentals, rapid growth, and the trust it has earned from a global clientele of over 1,000 enterprises across 120+ countries.

𝗗𝗮𝘆 𝗢𝗻𝗲 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝘄𝗶𝘁𝗵 𝟯𝗼𝗻𝗲𝟰 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 🎯

As one of the first institutional investors, 3one4 Capital has been partnered with Darwinbox from Day One. Since our seed-stage investment in 2016, when the company was just getting started, we’ve had a tandem seat to its meteoric rise as it consistently innovates to win the most valuable enterprise software real estate against legacy incumbents.

Over the years, we've had the pleasure of partnering with Jayant Paleti, Chaitanya Peddi, and Rohit Chennamaneni to transform their bold vision into a category-defining SaaS leader that is now used by some of the giants - including Adidas, Starbucks, SBI, Kotak, Tata, TVS, and Mahindra.

Today, Darwinbox boasts a world-class cap-table, featuring 3one4 Capital, TCV, Microsoft, Salesforce Ventures, Peak XV (FKA Sequoia India), and Lightspeed - a testament to its global impact and persistent ex*****on.

𝗕𝗲𝘆𝗼𝗻𝗱 𝘁𝗵𝗲 𝗨𝗻𝗶𝗰𝗼𝗿𝗻: 𝗗𝗮𝗿𝘄𝗶𝗻𝗯𝗼𝘅'𝘀 𝗘𝘅𝘁𝗿𝗮𝗼𝗿𝗱𝗶𝗻𝗮𝗿𝘆 𝗚𝗿𝗼𝘄𝘁𝗵 𝗶𝗻 𝗔𝗰𝘁𝗶𝗼𝗻 🥇

📈 +100% CAGR revenue growth over 7 years, driven by global expansion and prioritised R&D
💡 110% Net Revenue Retention (NRR)—high customer loyalty and continued product adoption
🌍 3 million+ employees managed across 1,000+ enterprises in 120 countries
🚀 Distinctive technological edge and proven ability as a system of record to land high ACV contracts that support aggressive upsell and cross-sell = market-leading NRR and minimised churn
🌏 87% growth in international revenue, now contributing 50%+ of new ARR
⚖️ Displaced incumbent systems +550 times within enterprise clients
🦄 One of the fastest Indian SaaS startups to reach Unicorn status
🔮 On track to hit $100M ARR this year

🥇 Darwinbox was also rated #1 customers’ choice on Gartner's Peer Insights. It scored 4.7 out of 5 on the Gartner Magic Quadrant, a significantly higher rating than legacy Human Capital Management (HCM) solutions. It was also the most recommended HCM solution, with 96% of customers advocating it to their peers – the highest among all global HR tech solutions.

At 3one4 Capital, we invested in and helped deliver on the potential for an India-built SaaS product company to redefine enterprise HR tech globally. Darwinbox’s phenomenal growth is no accident—it is a true testament to an incredible team that has demonstrated relentless confidence, pushed boundaries, and a never-settle-for-the-status-quo attitude.

Darwinbox is now a scale example of the terrific SaaS product innovation being built in India for the world! At 3one4 Capital, we are delighted to continue working with the Darwinbox team as they join other Indian SaaS leaders 🚀 globally!

29/06/2023

ICICI Bank signs a Memorandum of Understanding (MoU) with 3one4 Capital, an early stage venture capital firm based in Bengaluru. The MoU provides a framework for collaboration between the portfolio companies associated with 3one4 Capital and ICICI Bank.

This allows the Bank an opportunity to extend its full-suite of products and services curated for the startup ecosystem. ICICI Bank will refer the startup customers to 3one4 Capital for mentoring, networking and fund raising opportunities.

20/09/2021

A report by Preqin noted that the two funds of 3one4 Capital had an internal rate of return of over 35 percent.

20/09/2021

WeRize is a full stack provider, both- developing and distributing a wide portfolio of customised credit, group insurance and savings products for 100 million families and 300 million individuals who live in 4000+ small towns of India.

20/09/2021

Launched in 2019 by former Lendingkart executives Vishal Chopra and Himanshu Gupta, WeRize is a full-stack financial services platform that sells its ..

20/09/2021

| "How India Should Regulate Crypto" LIVE Fireside Chat between Subhash Chandra Garg, Former Finance Secretary, Government of India and Siddarth Pai, Founding Partner, 3one4 Capital


Watch them live here - https://inc42.com/crypto-summit/

08/06/2021

Accelerated due to COVID, the uptake of RPM continues.
Remote Patient Monitoring is set to lead a fundamental change in healthcare services delivery and clinical trials, says GlobalData Plc

Leading this trend from the front is Dozee with its MillionICU initiative. Dozee will help empower government hospitals with step-down ICU to tackle and effectively manage the current covid-19 crisis.

Post-Covid healthcare is precautionary and digital.

Visit www.millionicu.org to know more.

08/06/2021

"Despite the fallout of the second pandemic wave, there is still room to stimulate the economy. Much depends on the government taking the necessary steps to provide a stimulus package to drive consumption up in auto sales and housing and boost the manufacturing sector and job opportunities.
Internal consumption is a crucial lever of Indian economic growth."

Read More on stimulus recommendations by Mohandas Pai and Nisha Holla:

Focus on driving consumption, industrial growth and large-scale employment. The Indian economy functioned stronger than predicted in 2020 in the wake of the Covid-19 pandemic. As a result, nominal Gross Domestic Product (GDP) grew to INR 197.5 lakh crore, a contraction of 3% from the 2019-20 GDP of....

11/01/2021

'Witnessed a respect for capital from businesses across the spectrum' - Pranav Pai. Watch him, Amruta Velumania& Sunanda Jayaseelan tonight on Leaders of Tomorrow on ET Now decoding changes in the entrepreneurial ecosystem due to Covid-19 crisis, tonight at 10:30 pm, only on ET NOW

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