IDfy, a Mumbai-based digital onboarding platform, has secured a total of $27 million in a mix of primary and secondary funding. The investment comes from a consortium of investors, including Elev8 Venture Partners, KB Investment, and Tenacity Ventures.
About IDfy
IDfy was founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala. The company builds technology that accurately authenticates entities, helping businesses prevent fraud and engage with verified entities with minimal friction.
IDfy positions itself as an all-encompassing identity platform, offering services in the following areas:
- KYC (Know Your Customer): IDfy provides robust solutions for verifying customer identities, and ensuring compliance with regulatory requirements.
- KYB (Know Your Business): The platform assists businesses in understanding their clients’ businesses by verifying company details and ownership.
- Background Checks: IDfy conducts thorough background verifications for employees, minimizing risks for employers.
- Risk Mitigation: Leveraging AI and ML capabilities, IDfy helps prevent fraud and establish trust.
- Digital Onboarding: IDfy streamlines the onboarding process, making it seamless and secure.
- Privacy Solutions: The platform prioritizes data privacy, safeguarding sensitive information.
IDfy serves more than 1,500 clients from various industries such as BFSI, FMCG, e-commerce, gaming, the sharing economy, and conglomerates. The company’s clients and partners are across India, Southeast Asia, and the Middle East. Some of its prominent clients and partners include Amazon, Airbnb, HDFC Bank, Dream11, and VISA.
Also read | Nextron Secures US$ 5.3M in Series A Funding
Vision and Growth
CEO Ashok Hariharan expressed enthusiasm about the recent investment, stating, “Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses.”
It runs over 60 million monthly verifications, reinforcing its position as a leader in the identity verification space.
As per startup data intelligence platform TheKredible, IDfy reported revenue from operations of Rs 108 crore in FY23 compared to Rs 56 crore in FY22. Additionally, the company’s financial report shows that it was profitable in FY23 with a profit of Rs 4 crore, a significant improvement from the Rs 18 crore loss it incurred in FY22.
