Total amount raised
$54.4 Millions
Latest funding date
Location
IDfy has successfully raised funding through multiple rounds, attracting a diverse group of investors including KB Investment and Tenacity Ventures. The platform specializes in fraud detection and identity verification, offering a range of solutions to enhance security and trust in various industries.
Keep reading to explore the intricacies of IDfy's fundraising journey and the investors backing this innovative platform.
What Is IDfy?
IDfy, founded in May 2011, is based in Mumbai, Maharashtra, India. The company was established by Ashok Hariharan, Hatim Baheranwala, and Vineet Jawa.
Specializing in fraud detection and identity verification, IDfy offers a range of solutions including KYC, background verification, and risk assessment. Their services cater to various industries such as banking, fintech, and e-commerce.
With a workforce of 501-1000 employees, IDfy processes half a million profiles monthly, helping over 150 companies mitigate risks and enhance security.
How Much Funding Has IDfy Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2012
- Lead Investors: Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop initial product offerings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: August 18, 2015
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its technology platform.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: December 1, 2016
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and scale the business.
- Venture Round
- Amount Raised: $3M
- Date: January 5, 2018
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the company's fraud detection and identity verification solutions.
- Debt Financing
- Amount Raised: ₹160M
- Date: August 27, 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage cash flow and support business continuity during the pandemic.
- Series D
- Amount Raised: ₹860M
- Date: October 21, 2021
- Lead Investors: Blume Ventures, TransUnion CIBIL
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market presence.
- Series E
- Amount Raised: $27M
- Date: March 6, 2024
- Lead Investors: Elev8 Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel expansion and product development.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: March 6, 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Corporate Round
- Amount Raised: ₹897M
- Date: May 30, 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance identity verification services across Asia.
Total Amount Raised: $30M + ₹1917M
Current Valuation: Not publicly disclosed
Key Investors
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm based in India. They focus on investing in technology-driven startups.
- Investment Focus Areas: Technology, consumer internet, healthcare.
- Notable Investments: Unacademy, Dunzo, Purplle.
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm with a focus on technology and healthcare investments. They have a long history of supporting innovative companies.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Coursera, Robinhood, Uber.
- TransUnion CIBIL
- Details: TransUnion CIBIL is a credit information company in India, providing credit reports and scores to individuals and businesses.
- Investment Focus Areas: Credit information, financial services, data analytics.
- Notable Investments: Not publicly disclosed.
- Elev8 Venture Partners
- Details: Elev8 Venture Partners is a growth-stage venture capital fund anchored by South Korea's KB Investment. They focus on scaling innovative companies.
- Investment Focus Areas: Growth-stage companies, technology, financial services.
- Notable Investments: Not publicly disclosed.
- Trifecta Capital Advisors
- Details: Trifecta Capital Advisors is a venture debt firm in India, providing debt financing to high-growth startups.
- Investment Focus Areas: Venture debt, technology, consumer services.
- Notable Investments: BigBasket, UrbanClap, CarDekho.
What's Next for IDfy?
With the recent $27 million funding, IDfy is poised to expand its footprint across Asia, solidifying its position as a leading integrated identity platform. The company aims to automate and expedite onboarding processes for businesses in diverse sectors such as e-commerce, gaming, and financial services. This expansion presents a significant opportunity, given IDfy's existing client base of over 1,500 companies and its ability to conduct 60 million verifications monthly.
Future fundraising seems likely as IDfy continues to grow and innovate. The increasing demand for AI-powered identity verification solutions and the company's impressive revenue growth suggest that investors will remain interested. However, IDfy will need to navigate challenges such as intense competition and evolving regulatory requirements while maintaining profitability and service quality.
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