A $27 million (about INR 224 crore) Series E fundraising round led by growth stage venture capital (VC) fund Elev8, with participation from KB Investment and Tenacity Ventures, has been secured by IDfy, a fraud detection platform.
With this new fundraising, IDfy solidifies its standing as the top integrated identification platform in Asia and sets itself up for future growth throughout the region.
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Since its founding, it has allegedly assisted more than 1,500 clients from a variety of industries, including BFSI, FMCG, e-commerce, gaming, shared economy, and enterprises.
IDfy, an Integrated Identity Platform, uses tech-enabled products and solutions for KYC, KYB, Background Verification, Risk Assessment, and Digital Onboarding to help businesses eradicate fraud and build trust.
The Mumbai-based company, led by Blume Ventures and TransUnion, secured $11.5 million in its Series D round in October 2021.
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About IDfy
IDfy is a technology company founded by Hatim Baheranwala, Vineet Jawa, and Ashok Hariharan. Its solutions and goods reliably authenticate entities.
IDfy is a pioneer in the industry. With 12+ years of experience and 2 million daily verifications, they are known for their robust, enterprise-grade technology that powers a range of offerings.
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