ID verification platform IDfy raises $27 Mn in primary and secondary

Identity verification startup IDfy has raised $27 million in a mix of primary and secondary fundraise from Elev8, KB Investment, and Tenacity Ventures. 

In October 2021, the Mumbai-based startup had raised $11.5 million in its Series D round led by TransUnion and Blume Ventures.

With this fresh fundraise, IDfy further strengthens its position as Asia’s leading integrated identity platform and is poised for further expansion across the continent, the company said in a press release.

Founded 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 claims to serve over 1,500 clients across diverse sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates. Its 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.

The firm also said that it has impacted over 150 million lives and runs over 60 million verifications every month.

IDfy registered Rs 108 crore in revenue from operations in FY23 against Rs 56 crore in FY22, according to startup data intelligence platform TheKredible. The company also turned profitable in FY23 with Rs 4 crore profit compared to Rs 18 crore loss in FY22.

IDfy competes with SpringVerify, AuthBridge, Digio and Perfios-owned Karza.