Idfy Raises USD 27 Million for Expansion

Mumbai, Mar 6 (PTI) Integrated identity platform Idfy on Wednesday said it has secured USD 27million (nearly Rs 223 crore) from a clutch of investors.

The fundraise includes both the primary issue and secondary transfer of shares in the city-headquartered company.

Investors who participated include Elev8, KB Investment, and Tenacity Ventures, as per an official statement.

The 2011-founded company works with over 1,500 clients across diverse sectors like BFSI (Banking, Financial Services and Insurance), FMCG (Fast-Moving Consumer Goods), e-commerce, gaming, sharing economy, and conglomerates on preventing fraud. It runs over 60 million verifications a month for clients in India, Southeast Asia, and the Middle East, as per the statement.

"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," its co-founder and chief executive Ashok Hariharan said.

Elev8 Venture Partners managing partner Navin Honagudi said this is the maiden investment for the platform.

"The company's innovative technology, experienced leadership team, and strong market fit position it for remarkable growth," he added.