IDfy, the leading integrated identity platform, has raised $27 million in a VC funding round, comprising both primary and secondary investments from investors Elev8 Venture Partners, KB Investment, and Tenacity Ventures.
The infusion of capital is poised to fuel IDfy’s expansion plans and drive advancements in product development.
Ashok Hariharan, Co-founder and CEO of IDfy, hailed the investment as a resounding validation of the company’s vision and capabilities. “Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities.”
Since its inception in 2011 by Hariharan and Vineet Jawa, IDfy has been at the forefront of empowering businesses to combat fraud and build trust through its AI-driven identity solutions. With a client base exceeding 1,500 across various sectors including BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates, IDfy’s impact is widespread and profound.
Navin Honagudi, Managing Partner at Elev8, expressed confidence in IDfy’s potential for transformative growth, citing the company’s innovative technology, seasoned leadership, and strong market fit. “The company’s innovative technology, experienced leadership team, and strong market fit position it for remarkable growth.”
This latest funding round follows IDfy’s previous series D round, which saw the company secure Rs 86 crore in investment led by TransUnion, a New York Stock Exchange-listed company, and early-stage venture capital firm Blume Ventures.
IDfy has significantly impacted over 150 million lives and conducts more than 60 million verifications every month.
