IDfy raises $53 Mn led by Neo Secondaries Fund

Trust and regtech platform IDfy has raised Rs 476 crore (around $53 million) in a Series F funding round comprising both primary and secondary transactions. The round was led by Neo Asset Management through its Neo Secondaries Fund, with participation from existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.

Entrackr was the first to report on the primary deal earlier this week.

The proceeds from the primary capital will be used for strategic acquisitions, expansion into new international markets, and further development of its product offerings. The secondary portion of the round will provide liquidity to early investors and employees.

Founded in 2011, IDfy offers an integrated TrustStack platform covering digital onboarding, risk mitigation, fraud detection, and privacy governance. The company serves over 500 enterprise clients across more than 10 sectors and conducts over 500 million verification checks annually. IDfy has operations across seven countries, including India, Southeast Asia, and the Middle East.

The funding comes amid increasing demand for identity verification, fraud detection, and privacy compliance solutions globally, driven by rising digital transactions and evolving regulatory requirements. In India, the rollout of the Digital Personal Data Protection (DPDP) Act and higher budgetary allocation for digital infrastructure have contributed to the growth of the regtech ecosystem.

According to Entrackr, IDfy has raised over $120 million to date, including a $27 million round comprising primary and secondary transactions from Elev8, KB Investment, and Tenacity.

On the financial front, IDfy reported operating revenue of Rs 186 crore in FY25, compared to Rs 145 crore in FY24. The company also reported a net profit of Rs 1.6 crore during the year, compared to a loss in the previous fiscal year.