Identity verification platform IDfy raises $27 mn funding

New Delhi, March 6 (IANS) Leading integrated identity platform IDfy on Wednesday said that the company has raised $27 mn 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.

"Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust," Ashok Hariharan, Co-founder and CEO, IDfy, said in a statement.

Founded in 2011 by Hariharan and Vineet Jawa, IDfy empowers businesses to eliminate fraud and establish trust. Their AI-driven solutions serve over 1,500 clients across diverse sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates.

"The company's innovative technology, experienced leadership team, and strong market fit position it for remarkable growth. We are confident that IDfy will play a crucial role in shaping the future of risk management in India and beyond," said Navin Honagudi, Managing Partner, Elev8.

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.