IDfy raises Rs 86 cr in series D funding led by TransUnion, Blume Ventures

IDfy, a Mumbai-based ID verification and onboarding solutions company, has raised Rs 86 crore in its series D round of funding led by TransUnion and Blume Ventures.

IDfy (Baldor Technologies Pvt. Ltd.) builds technology products and solutions that authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction.

Ashok Hariharan, founder & CEO, IDfy, said, “A billion more people globally are expected to enter the formal economy over the next 5 years. Our partnership with TransUnion gives us the chance to drive this change at a global scale. Blume Ventures has believed in us from day one.”

IDfy plans to use these funds to strengthen its product offerings and expand its business and operations. IDfy is growing its business internationally. During the last six months, IDfy has been helping companies in South East Asia and the Middle East onboard verified merchants and customers in sectors like payments, e-commerce, and mobility. IDfy has performed more than 70 million verifications for 500+ clients and consistently ranks amongst Asia’s Top 5 Regulatory Technology companies.

IDfy’s solutions are applied across banks & financial institutions, e-commerce, online marketplaces, telecom, gaming, and the on-demand economy. IDfy’s clients and partners are spread across India, South East Asia and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA.

Karthik Reddy, managing partner, Blume Ventures, added, “Accurate identification and verification of people is critical for our economy to progress as an estimated 400 million more Indians enter organised employment by 2025 and start accessing mainstream financial services. With a majority of these engagements being remote and virtual, we look at IDfy as an infrastructure play that will drive this growth.”

Rajesh Kumar, managing director & CEO, TransUnion CIBIL, said, “At a time when consumers and businesses are increasingly transacting in a digital environment, a reliable basis for trust has never been in greater demand. With TransUnion’s investment in IDfy, we will be able to bring best-in-class onboarding technology to our customers, accelerating digital transformation and further helping strengthen trust, while also supporting economic resurgence and financial inclusion in India."

The market for digital authentications in India is expected to reach $2.4 Billion by 2024*. Globally, the market for fraud detection and prevention is estimated to reach $142 Billion by 2028.