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IDfy, Identity Verification Platform, Raises $27 Million in Series E Funding



IDfy, a Mumbai-based platform specializing in identity verification, has achieved a significant milestone by securing $27 million in a Series E funding round. Elev8 led the round, with participation from KB Investment and Tenacity Ventures.


This funding infusion is set to drive IDfy's global expansion efforts and strengthen its product development initiatives. Founded in 2011 by Ashok Hariharan and Vineet Jawa, IDfy aims to combat fraud and instill trust across various sectors through its innovative solutions.


IDfy employs a technology-driven approach encompassing various verification processes, including KYC, KYB, and employee background checks, to mitigate risks and combat fraud effectively. Leveraging AI/ML technologies and banking-grade security, IDfy claims to conduct over 60 million verifications monthly, impacting over 150 million lives.


Navin Honagudi, Managing Partner at Elev8 Venture Partners, emphasized the potential of the partnership, stating, "We are thrilled to partner with IDfy as our first investment. The company’s innovative technology, experienced leadership team, and strong market fit position it for remarkable growth."


Currently, IDfy serves over 1,500 clients across diverse sectors, including BFSI, FMCG, e-commerce, and gaming, with notable clients such as HDFC Bank, AxisBank, and Zomato. The company has demonstrated robust financial performance, reporting a revenue of Rs 120 crore in FY23 and maintaining a profitable status since the same fiscal year.

 

Rohit Razdan, Managing Director at Tenacity Ventures, expressed confidence in IDfy's potential for international scalability, stating, “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. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth."

 

With the successful Series E funding round and a strong foundation in place, IDfy is poised to accelerate its growth trajectory and continue its mission of combating fraud while fostering trust globally.


 




 

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