<ul><li>ToneTag, an offline mobile payments startup, is in talks to raise $50 Mn in a funding round led by Iron Pillar.</li><li>The funding round will include a primary capital infusion of $30-$35 Mn and is expected to more than double the startup's valuation.</li><li>ToneTag offers audio-based authentication and proximity payment solutions and has raised over $10 Mn in funding so far.</li><li>Iron Pillar, a Mumbai-based venture growth investor, plans to invest in Series B and C stage SaaS startups and has previously invested in logistics startup Pando.</li></ul>

Amazon-Backed Fintech Startup ToneTag In Talks To Raise $50 Mn

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