IDfy, a leading Integrated Identity Platform, has raised $27 mn in a mix of primary and secondary fundraise from Elev8, KB Investment, and Tenacity Ventures.
With this fundraise, IDfy further strengthens its position as Asia’s leading Integrated Identity Platform and is poised for further expansion across the continent.
IDfy, founded in 2011 by industry veterans Ashok Hariharan and Vineet Jawa, empowers businesses to eliminate fraud and establish trust. Their AI-driven solutions serve over 1500 clients across diverse sectors like BFSI, FMCG, E-commerce, Gaming, Sharing Economy, and conglomerates. The company boasts a proven track record of success, working with some of the largest enterprises in India, Southeast Asia and the Middle East. IDfy has impacted over 150 million lives and runs over 60 million verifications every month.
Mr. Ashok Hariharan, Co-founder and CEO, IDfy said, “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 & Gaurav from Tenacity as well as the team from Elev8 and appreciate their hands-on approach to strategy and problem-solving.”
Mr. Navin Honagudi, Managing Partner, Elev8 Venture Partners said, “We are thrilled to partner with IDfy as our first investment. 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.”
Mr. Rohit Razdan, Managing Director, Tenacity Ventures said,“We have known Ashok and IDfy for a number of years and are impressed how they have built great products and a great brand. We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth.”
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About IDfy (Baldor Technologies Pvt. Ltd.):
IDfy is an Integrated Identity Platform offering products and solutions for KYC, KYB, Employee Background Verifications, Risk & Fraud Mitigation, Digital Onboarding and Digital Privacy.
We establish trust while delivering a frictionless experience for you, your employees, customers, and partners. Only IDfy combines enterprise-grade technology with business understanding and has the widest breadth of offerings in the industry.
With more than 12+ years of experience and 2 million verifications per day, we are pioneers in this industry. Our clients include HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, HUL, American Express, and many others.
About Elev8 Venture Partners:
Elev8 Venture Partners is a $200 million maiden growth stage fund anchored by South Korea’s KB Investment. The fund invests in high-growth Indian startups with the potential to scale globally. Elev8 focuses on sectors including B2B SaaS, Enterprise Tech, Consumer Tech, FinTech, and Healthcare Tech.
About Tenacity Ventures:
Tenacity Ventures is a growth stage investment fund with a focus on technology product businesses with strong product market fit, customer delight and emergent moats. Tenacity is focused on Indian companies looking to create category leadership in global markets.
For more information:
- Elev8 Venture Partners: https://www.elev8vp.com/
- IDfy: https://www.idfy.com/
- Tenacity Ventures: https://www.tenacity.vc/
| For more information, contact: Disha Shah: 9920474679 <disha@themediamanifest.com> Jazlynn Lobo: 7021898245 <jazlynn@themediamanifest.com> |
With this fundraise, IDfy further strengthens its position as Asia’s leading Integrated Identity Platform and is poised for further expansion across the continent.
IDfy, founded in 2011 by industry veterans Ashok Hariharan and Vineet Jawa, empowers businesses to eliminate fraud and establish trust. Their AI-driven solutions serve over 1500 clients across diverse sectors like BFSI, FMCG, E-commerce, Gaming, Sharing Economy, and conglomerates. The company boasts a proven track record of success, working with some of the largest enterprises in India, Southeast Asia and the Middle East. IDfy has impacted over 150 million lives and runs over 60 million verifications every month.
Mr. Ashok Hariharan, Co-founder and CEO, IDfy said, “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 & Gaurav from Tenacity as well as the team from Elev8 and appreciate their hands-on approach to strategy and problem-solving.”
Mr. Navin Honagudi, Managing Partner, Elev8 Venture Partners said, “We are thrilled to partner with IDfy as our first investment. 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.”
Mr. Rohit Razdan, Managing Director, Tenacity Ventures said,“We have known Ashok and IDfy for a number of years and are impressed how they have built great products and a great brand. We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth.”