Digital identity verification firm IDfy has secured Rs 476 crore in funding (around $53 million), led by Neo Asset Management, per media reports.
The round, which included both primary and secondary investments, also saw participation from existing backers, including Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.
While a portion of the primary capital will be allocated towards strategic acquisitions, the company also plans to set aside funds to expand into new international markets and further strengthen its product portfolio, stated the reports.
Meanwhile, the secondary portion of the funding will allow early investors and employees to sell some of their shares.
Founded in 2011 in Mumbai, IDfy offers an integrated TrustStack platform covering digital onboarding, risk mitigation, fraud detection, and privacy governance.
The company claims to serve over 500 enterprise clients across more than 10 sectors and conducts over 500 million verification checks annually.
In addition to India, IDfy operates in several countries across Southeast Asia and the Middle East. Roughly 18% of IDfy’s revenue currently comes from international markets.
“We are profitable and cashflow positive. We do not need cash to run the core business,” Ashok Hariharan, CEO and co-founder of IDfy, was quoted saying in one of the reports.
