Identity verification startup IDfy has successfully closed a significant funding round, raising $27 million in a combination of primary and secondary financing from prominent investors Elev8 Venture Partners, KB Investment, and Tenacity Ventures. The substantial infusion of capital is earmarked to fuel the company’s ambitious expansion plans and further enhance its suite of identity verification solutions, as announced in a statement released by IDfy on Wednesday.
The investment represents a vote of confidence in IDfy’s mission to combat fraud and establish trust in digital interactions, according to Ashok Hariharan, the co-founder and chief executive of IDfy. Founded in 2011 by Hariharan and Vineet Jawa, IDfy has rapidly emerged as a key player in the field of risk management, positioning itself for growth both within India and on the global stage.
IDfy distinguishes itself with a comprehensive identity platform offering a range of services including Know Your Customer (KYC), Know Your Business (KYB), background checks, risk mitigation, digital onboarding, and privacy solutions. With an impressive clientele that includes major institutions such as HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, Hindustan Unilever Ltd, and American Express, IDfy manages over 60 million verifications monthly, underscoring its significance in safeguarding digital transactions.
In a statement, Elev8 Venture Partners expressed its attraction to IDfy’s strong leadership team, product-centric approach, and alignment with India’s ongoing digitization efforts. The COVID-19 pandemic has accelerated the adoption of cloud-based services, driving a surge in digitization and transforming consumer behavior. Against this backdrop, the supportive regulatory environment fostered by initiatives like the India Digital Stack positions IDfy for sustained growth in the evolving landscape of digital trust and security.
Rohit Razdan, Managing Director of Tenacity Ventures, commended IDfy’s track record of building exceptional products and a robust brand presence. He expressed optimism about the scalability of trust platforms originating from India on a global scale, envisioning a mutually beneficial partnership with IDfy’s management team to propel the company into its next phase of growth.
As IDfy sets its sights on expanding its footprint beyond borders, the investment from Elev8 Venture Partners, KB Investment, and Tenacity Ventures serves as a significant catalyst for realizing its ambitious goals. The digitization wave sweeping across industries worldwide presents a ripe opportunity for IDfy to leverage its expertise in identity verification and risk management.
With a strategic focus on innovation and client-centric solutions, IDfy is poised to carve a niche for itself in the competitive landscape of digital trust and security. The investment not only validates IDfy’s market potential but also underscores the growing investor confidence in India’s burgeoning technology ecosystem.
Looking ahead, IDfy remains committed to pioneering cutting-edge solutions that empower businesses and individuals alike to navigate the digital landscape with confidence and peace of mind. With a strong foundation built on innovation, integrity, and trust, IDfy is well-positioned to chart new frontiers in the realm of identity verification, driving transformative impact in the ever-evolving landscape of digital commerce and beyond.
