ID Verification Startup IDfy Secures USD 27 Mn from Elev8 Venture and Others The Mumbai-based startup aims to deploy the raised funds to strengthen its standing as the top integrated identity platform in Asia and further expansion across the continent.
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ID verification platform IDfy has announced the raising of USD 27 million in a mix of primary and secondary fundraise from Elev8 Venture Partners, KB Investment, and Tenacity Ventures.
The startup raised USD 11.5 million in its Series D round led by Blume Ventures and TransUnion, in October 2021.
With the raised funds, IDfy aims to strengthen its standing as the top integrated identity platform in Asia and further expansion across the continent.
Ashok Hariharan, Co-founder and CEO, IDfy said, "Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy's mission is to eliminate fraud and establish trust. 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."
Founded in 2011 by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, IDfy is an integrated identity platform offering products and solutions for KYC, KYB, employee background verifications, risk and fraud mitigation, digital onboarding and digital privacy.
The startup claims to serve over 1500 clients across diverse sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates and runs over 60 million verifications every month.
HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, HUL and American Express are some of its clients.
Navin Honagudi, Managing Partner, Elev8 Venture Partners said, "The company's innovative technology, experienced leadership team, and strong market fit position it for remarkable growth. We are confident that IDfy will play a crucial role in shaping the future of risk management in India and beyond."
"We have known Ashok and IDfy for a number of years and are impressed how they have built great products and a great brand. We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds," added Rohit Razdan, Managing Director, Tenacity Ventures.
