Online identity verification and regtech platform IDfy has raised Rs 476 crore, or about $53 million, in a Series F funding round comprising both primary and secondary transactions.
The round was led by Neo Asset Management through its Neo Secondaries Fund, with participation from existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART and Kae Capital.
The company said the primary capital will be deployed towards strategic acquisitions, expansion into new international markets and strengthening its product suite. The secondary component will provide liquidity to early investors and employees.
Founded in 2011 by Ashok Hariharan (CEO) and Vineet Jawa, IDfy offers an integrated TrustStack platform that covers digital onboarding, risk mitigation, fraud detection and privacy governance. The company provides services such as background verification, customer insights and end-to-end HR intelligence for recruitment, using predictive analytics and AI/ML capabilities with banking grade security.
It claims to serve over 500 enterprise clients across sectors including BFSI, FMCG, ecommerce, gaming, the sharing economy and conglomerates, conducting more than 500 million verification checks annually.
IDfy operates across seven countries, including India, Southeast Asia and the Middle East.
Source: www.indianstartupnews.com