Identity platform IDfy secures $27 million, plans to further Asia footprint

IDfy said the funds will boost their expansion plans and product development, enabling them to serve even more businesses

Mumbai-based identity verification and digital onboarding platform IDfy on Wednesday said that the company has raised $27 million in a mix of primary and secondary fundraise from Elev8 Venture Partners, KB Investment and Tenacity Ventures.

The company said the funds will boost their expansion plans and product development, enabling them to serve even more businesses.

Founded in 2011 by Ashok Hariharan and Vineet Jawa, IDfy offers solutions for know-your-customer (KYC), know-your-business (KYB), employee background verification, risk and fraud mitigation, digital onboarding and digital privacy. It counts among its clients HDFC Bank, Axis Bank, Zomato, PhonePe, Paytm, HUL and American Express.

“Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses," said IDfy CEO Ashok Hariharan.

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“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,” said Navin Honagudi, managing partner, Elev8 Venture Partners.

IDfy previously secured Rs 86 crore in the series D round led by New York Stock Exchange-listed TransUnion and early-stage venture capital (VC) firm Blume Ventures.

The company has worked with some of the largest enterprises in India, Southeast Asia and the Middle East. IDfy has strengthened over 150 million lives and runs over 60 million verifications every month.