Integrated identity platform IDfy has raised $27 million in a mix of primary and secondary fundraise from Elev8, KB Investment, and Tenacity Ventures.
The company said it conducts over two million verifications per day, equipped with AI/ML capabilities and banking grade security. Founded in 2011 by Ashok Hariharan and Vineet Jawa, the company said it has served over 1,500 clients across sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates.
“Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses. I have enjoyed working with Rohit and Gaurav from Tenacity as well as the team from Elev8 and appreciate their hands-on approach to strategy and problem-solving,” said Hariharan, CEO of IDfy.
The company’s clients include HDFC Bank, Axis Bank, Zomato, PhonePe, Paytm, HUL, and American Express. It has operations across India, Southeast Asia and West Asia.
Elev8 Venture Partners is a maiden growth-stage fund of South Korea’s KB Investment, which also participated in the round along with Tenacity Ventures. In October 2021, IDfy had raised ₹86 crore funding, led by TransUnion and Blume Ventures.