IDfy Set to Bolster Global Trust Infrastructure with $25 Million Series F Funding
What is the news?
IDfy, a leading force in the identity verification and fraud prevention space, has announced a significant milestone in its journey toward becoming a global trust infrastructure provider. The company is raising approximately $25 million (Rs 220 crore) in a Series F funding round led by Neo Asset Management. This latest infusion of capital, which includes participation from long-term investors like Blume Ventures and Elev8, elevates the company’s post-money valuation to an estimated $272 million.
Why is it interesting?
Founded in 2011 by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy has demonstrated an impressive trajectory, transitioning from a background verification specialist to an integrated platform handling over 65 million verifications monthly. The company’s solutions are now integral to the onboarding and risk management processes of major enterprises in the BFSI, e-commerce, and gaming sectors. With a significant portion of its revenue now stemming from international markets like the Philippines and Indonesia, this funding will accelerate IDfy’s mission to export Indian-built technological excellence.
The success of IDfy underscores the narrative of the “Global Indian Alpha” founders who leverage deep technical expertise to solve complex problems at a global scale. Having turned profitable in the previous fiscal year, IDfy stands as a prime example of the maturity of the Indian startup ecosystem. The fresh proceeds are earmarked for further product innovation and strengthening the company’s balance sheet as it continues its aggressive international expansion.
Read more: Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management