Equal, an identity verification startup based in Hyderabad, has successfully raised $10 million (about Rs 84 crore) in its first major round of institutional funding. This investment increases the company’s valuation to $80 million.
The funding round was led by Prosus Ventures, Tomales Bay Capital, and the company’s founder, Keshav Reddy. Other prominent investors included Blume Ventures, DST Global, Quona VC, and Gruhas VC, which is linked to Zerodha cofounder Nikhil Kamath. The round also saw participation from well-known business figures like Binny Bansal (cofounder of Flipkart), Karan Adani (Adani Group), Kunal Shah (founder of Cred), and Parth Jindal (JSW Cements).
Founded in 2022 by Keshav Reddy and Rajeev Ranjan, Equal aims to simplify the know-your-customer (KYC) processes for businesses, enhance fraud prevention, and ensure compliance with regulations. Reddy, who comes from the GVK Group family, partnered with Rajeev Ranjan, a former engineering director at Swiggy, to create this innovative platform.
What Equal Offers
Equal’s platform connects with around 50 identity databases, making it easier for companies to verify customer identities and manage KYC efficiently. This service is essential for banks, financial institutions, and consumer-focused businesses needing reliable verification and compliance solutions.
With the newly raised funds, Equal plans to expand its operations, form strategic partnerships, and build a robust framework to strengthen India’s data-sharing infrastructure. Keshav Reddy mentioned that they are developing three main technology stacks tailored for different company needs: banking and financial services, employment verification, and consumer tech.
Strategic Investments and Future Goals
Recently, in August, Equal invested in OneMoney, an account aggregator platform. This strategic move, which is awaiting approval from the Reserve Bank of India, will help the company enhance its presence in the financial technology space. Moving forward, Equal aims to deepen its involvement in the regulated market and pursue additional licenses from financial authorities. “We are still in the early stages of these plans, but eventually, we aim to be more regulated,” Reddy said.
Currently, Equal serves approximately 350 large corporate clients, including notable names like TVS Credit, Larsen & Toubro, and Upstox. The company has about 65 employees, with its main office in Hyderabad and sales teams operating in Bengaluru and Mumbai.
Equal’s successful funding round and future plans highlight its growth and commitment to supporting India’s businesses with advanced KYC and identity verification solutions. With strong investor backing and strategic expansion efforts, the startup is set to strengthen its role in the industry.
