Elev8, KB Investment, and Tenacity Ventures have contributed $27 million to the identity verification startup IDfy through a combination of primary and secondary fundraisers.
The Mumbai-based startup, led by Blume Ventures and TransUnion, raised $11.5 million in its Series D round in October 2021.
According to a press release from the company, IDfy is ready to continue expanding throughout the continent and is further solidifying its position as Asia’s top integrated identity platform with this new fundraising.
IDfy is a technology company that produces products and solutions that accurately authenticate entities. It was founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala. This reduces friction when doing business with verified entities and helps prevent fraud.
Businesses use its AI-powered platform to automate and expedite employee, merchant, and KYC onboarding.
IDfy states that it works with more than 1,500 clients in a variety of industries, including conglomerates, e-commerce, gaming, BFSI, FMCG, and sharing economies. Its partners and clients are dispersed throughout the Middle East, South East Asia, and India. Amazon, Airbnb, HDFC Bank, Dream11, and VISA are just a few of the companies on the list.
The company claimed to have run over 60 million verifications a month and to have affected over 150 million lives.
As per media reports, IDfy’s revenue from operations increased to Rs 108 crore in FY23 from Rs 56 crore in FY22. In FY23, the company recorded a profit of Rs 4 crore, while in FY22 it had incurred a loss of Rs 18 crore.
SpringVerify, AuthBridge, Digio, and Karza, owned by Perfios, are competitors of IDfy.
