IDfy, an ID verification startup, has raised Rs 86 crore or about $11.5 million in its Series D round led by TransUnion and Blume Ventures.
According to the Mumbai-based startup, the funds will be used to strengthen its product offerings and expand its business and operations.
Founded in 2011 by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, IDfy builds technology products and solutions that accurately authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction.
Its AI-based platform is used by organizations to streamline and automate their KYC, employee and merchant onboarding.
IDfy’s clients and partners are spread across India, South East Asia, and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA.
It’s worth noting that Blume Ventures has been an investor in the company since the seed round raised in 2012.
