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Total amount raised
$108 Million
Latest funding date
2026-06-22
Location
IDfy has successfully raised funding over 10 rounds, with the latest investment coming from a Growth round in June 2026 that brought in $23 million at a post-money valuation of INR 24.2 billion (about $256.4 million). The company is backed by 12 investors, including Neo Asset Management, KB Investment and Tenacity Ventures.
Keep reading to explore the intricacies of IDfy's fundraising journey and the investors backing this innovative platform.
IDfy has raised funding across multiple rounds backed by investors including Neo Asset Management, Blume Ventures, Elev8 Venture Partners, Kae Capital, IndiaMART, TransUnion, and others.
Keep reading to explore IDfy's fundraising journey, from its early seed round to its June 2026 Growth round of $23 million.
What Is IDfy?
IDfy (formerly known as Baldor Technologies) is a Mumbai-based identity verification and digital trust platform founded in 2011 by Ashok Hariharan and Vineet Jawa. The company provides a comprehensive suite of over 150 APIs for KYC, background verification, fraud detection, and compliance, serving banks, fintechs, and enterprises across India and Asia. Its flagship TrustStack platform integrates identity verification, fraud prevention, and privacy capabilities.
How Much Funding Has IDfy Raised?
- Seed Round
- Amount Raised: Undisclosed
- Date: 2012
- Lead Investors: Blume Ventures
- Series A
- Amount Raised: INR 18 Crore (~USD 3,000,000)
- Date: January 2018 (follow-on; initial 2015 raise from NEA, Blume Ventures, Faktory Ventures, Beenos)
- Lead Investors: New Enterprise Associates
- Participants: Blume Ventures, Faktory Ventures, Beenos, NB Ventures, Dream Incubator
- Debt Financing
- Amount Raised: Undisclosed
- Date: December 2016
- Lead Investors: Trifecta Capital Advisors
- Series B
- Amount Raised: Undisclosed
- Date: 2018
- Lead Investors: Undisclosed (existing institutional investors)
- Participants: Blume Ventures, IndiaMART
- Debt Financing
- Amount Raised: INR 16 Crore (~USD 2,100,000)
- Date: August 2020
- Lead Investors: Undisclosed
- Participants: Millenna FVCI III, Dream Incubator, NB Ventures
- Series D
- Amount Raised: INR 86 Crore (~USD 11,500,000)
- Date: October 2021
- Lead Investors: TransUnion, Blume Ventures
- Series E
- Amount Raised: USD 27,000,000
- Date: March 2024
- Lead Investors: Elev8 Venture Partners
- Participants: KB Investment, Tenacity Ventures
- Corporate Round
- Amount Raised: ~USD 17,000,000
- Date: May 2024
- Lead Investors: Undisclosed
- Participants: IndiaMART, Elev8 Venture Partners, others
- Series F (Primary + Secondary)
- Amount Raised: INR 476 Crore (~USD 52,500,000), USD 24M primary plus USD 28M secondary
- Date: February 13, 2026
- Lead Investors: Neo Asset Management (Neo Secondaries Fund)
- Participants: Blume Ventures, Analog Capital, Elev8 Venture Partners, IndiaMART, Kae Capital
- Growth Round
- Amount Raised: INR 2.2 Billion (~USD 23,000,000) at a post-money valuation of INR 24.2 Billion (~USD 256,400,000)
- Date: June 22, 2026
- Lead Investors: Not publicly disclosed
- Participants: Not publicly disclosed
Total Amount Raised: At least USD 107.6 million based on disclosed primary funding, which excludes the USD 28 million secondary share sale in the February 2026 Series F and several early rounds with undisclosed amounts. As of September 2026, the company's latest disclosed round is its June 2026 Growth round.
Key Investors
- Neo Asset Management
- Details: Led the February 2026 Series F round via its Neo Secondaries Fund, providing both primary capital and secondary liquidity to early investors and employees.
- Blume Ventures
- Details: An early backer of IDfy since the 2012 seed round, Blume Ventures has participated across multiple rounds including Series D (2021) and Series F (2026). It is one of India's leading early-stage venture capital firms.
- Elev8 Venture Partners
- Details: Led the March 2024 Series E round with $27 million, marking its inaugural investment in IDfy. Backed by South Korea's KB Investment.
- TransUnion
- Details: Co-led IDfy's Series D round in October 2021 alongside Blume Ventures, investing as a strategic partner in identity verification.
- Kae Capital
- Details: A participant in the 2026 Series F round. Kae Capital is a prominent early-stage venture capital firm in India.
- IndiaMART
- Details: A recurring investor in IDfy across multiple rounds including the 2024 corporate round and the 2026 Series F, bringing strategic value as India's largest B2B marketplace.
- Analog Capital
- Details: Participated in the 2026 Series F round. Analog Capital is a Singapore-based venture capital firm.
What's Next for IDfy?
Following its June 2026 Growth round of $23 million at a post-money valuation of about $256.4 million, IDfy continues to invest in global expansion and product development across its TrustStack platform. The company has said it aims to be IPO-ready within two to three years, with a potential public listing inside five years, while serving clients across financial services, fintech, and enterprise sectors in India and Asia.
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