Identity verification startup IDfy has secured $27 million in a combination of primary and secondary funding from Elev8, KB Investment, and Tenacity Ventures. This funding round comes after the Mumbai-based startup raised $11.5 million in Series D funding in October 2021, led by TransUnion and Blume Ventures.
With IDfy $27 million latest investment, company aims to strengthen its position as Asia’s leading integrated identity platform and expand its presence across the continent. Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy develops technology products and solutions for accurate entity authentication, assisting businesses in fraud prevention and seamless engagement with verified entities.
Utilizing AI-based technology, its platform facilitates organizations in streamlining and automating processes such as KYC, employee onboarding, and merchant verification. IDfy boasts a clientele of over 1,500 organizations spanning various sectors including BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates.
Its clients and partners are spread across India, South East Asia, and the Middle East, with notable names such as Amazon, Airbnb, HDFC Bank, Dream11, and VISA. The company reports impacting over 150 million lives and conducting over 60 million verifications monthly.
In terms of financial performance, IDfy recorded revenue of Rs 108 crore in FY23, a significant increase from Rs 56 crore in FY22. Moreover, the startup achieved profitability in FY23, with a profit of Rs 4 crore compared to a loss of Rs 18 crore in FY22.
Competing with players like SpringVerify, AuthBridge, Digio, and Perfios-owned Karza, IDfy continues to innovate and expand its footprint in the identity verification market, solidifying its position as a key player in the industry.
