The investment round witnessed active participation from Elev8 Venture Partners, KB Investment, and Tenacity Ventures, underscoring a strong vote of confidence in IDfy’s mission and capabilities.
Launched in 2011 by Ashok Hariharan and Vineet Jawa, IDfy embarked on a noble mission to combat fraud and foster trust in digital interactions. Presently, IDfy stands at the forefront as Asia’s premier Integrated Identity Platform, catering to prominent enterprises across India, Southeast Asia, and the Middle East. The company’s impact spans over 150 million lives, facilitating more than 60 million verifications monthly, demonstrating the expansive reach and efficacy of its solutions.
The fresh infusion of capital is earmarked for propelling IDfy’s expansion endeavors, with strategic plans aimed at broadening their service offerings and bolstering product development. This strategic initiative positions IDfy to cater to a wider array of businesses, facilitating reliable interactions and transactions across diverse demographics.
IDfy’s technological arsenal encompasses over 140 APIs, a Video Solutions platform, RiskAI, IDfy360, and a SaaS-based Background Verification tool, among others. These innovative products are meticulously crafted to empower enterprises in thwarting fraud, ensuring regulatory compliance, and nurturing trust through cutting-edge, technology-driven solutions for KYC (Know Your Customer), KYB (Know Your Business), and beyond.
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.”
Navin Honagudi, Managing Partner, Elev8 Venture Partners also commented, saying: “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.”
Rohit Razdan, Managing Director, Tenacity Ventures added: “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.”
