IDfy Raises $27 Million in Funding
March 10, 2024, 7:52 am
Location: India, Maharashtra, Mumbai
Employees: 201-500
Founded date: 2011
Total raised: $38.5M
ID verification platform IDfy has secured $27 million in funding from Elev8, KB Investment, and Tenacity Ventures. This Mumbai-based startup, backed by Blume Ventures and TransUnion, is on a mission to revolutionize identity authentication in Asia.
Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy uses cutting-edge technology to verify entities accurately, reducing friction and preventing fraud in business transactions. Their AI-powered platform streamlines KYC, employee, and merchant onboarding processes for over 1,500 clients across various industries.
Companies like Amazon, Airbnb, HDFC Bank, Dream11, and VISA trust IDfy to verify identities and ensure secure transactions. With over 60 million verifications per month and a positive impact on 150 million lives, IDfy is making waves in the identity verification space.
In FY23, IDfy reported a revenue of Rs 108 crore, a significant increase from Rs 56 crore in FY22. The company also achieved profitability in FY23, recording a profit of Rs 4 crore compared to a loss of Rs 18 crore in FY22.
Competing with players like SpringVerify, AuthBridge, Digio, and Karza, IDfy is poised for further growth and expansion in the identity verification market. With this latest funding round, IDfy is well-positioned to solidify its position as Asia's top integrated identity platform and continue its mission to combat fraud and streamline business operations.
Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy uses cutting-edge technology to verify entities accurately, reducing friction and preventing fraud in business transactions. Their AI-powered platform streamlines KYC, employee, and merchant onboarding processes for over 1,500 clients across various industries.
Companies like Amazon, Airbnb, HDFC Bank, Dream11, and VISA trust IDfy to verify identities and ensure secure transactions. With over 60 million verifications per month and a positive impact on 150 million lives, IDfy is making waves in the identity verification space.
In FY23, IDfy reported a revenue of Rs 108 crore, a significant increase from Rs 56 crore in FY22. The company also achieved profitability in FY23, recording a profit of Rs 4 crore compared to a loss of Rs 18 crore in FY22.
Competing with players like SpringVerify, AuthBridge, Digio, and Karza, IDfy is poised for further growth and expansion in the identity verification market. With this latest funding round, IDfy is well-positioned to solidify its position as Asia's top integrated identity platform and continue its mission to combat fraud and streamline business operations.