Total amount raised
$54.4 Million
Latest funding date
5/1/2024
Location
IDfy has successfully raised funding over 9 rounds, with the latest investment coming from a Corporate Round. The company is backed by 12 investors, including KB Investment and Tenacity Ventures.
Keep reading to explore the intricacies of IDfy's fundraising journey and the investors backing this innovative platform.
What Is IDfy?
IDfy is a prominent online fraud detection and identity platform based in Mumbai, Maharashtra, India. The company specializes in providing background verification services to banks and financial institutions. It operates in multiple industries, including fraud detection, information services, information technology, machine learning, and risk management.
Founded as a private entity, IDfy has grown to employ between 501 and 1000 people. The company is known for its comprehensive suite of services, which includes KYC, KYB, BGV, and risk assessment tools, catering to various sectors such as banking, eCommerce, capital markets, insurance, gaming, fintech, and HR.
How Much Funding Has IDfy Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2012
- Lead Investors: Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop initial product offerings.
- Series Unknown (2015)
- Amount Raised: Not publicly disclosed
- Date: August 2015
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its technology platform.
- Debt Financing (2016)
- Amount Raised: Not publicly disclosed
- Date: December 2016
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and scale the business.
- Series Unknown (2018)
- Amount Raised: $3,000,000
- Date: January 2018
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the company's fraud detection and identity verification technologies.
- Debt Financing (2020)
- Amount Raised: INR 160,000,000
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage cash flow and support business continuity during the pandemic.
- Series D
- Amount Raised: INR 860,000,000
- Date: October 2021
- Lead Investors: Blume Ventures, TransUnion CIBIL
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations, expand market reach, and enhance product offerings.
- Series E
- Amount Raised: $27,000,000
- Date: March 2024
- Lead Investors: Elev8 Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding throughout the continent and solidify its position as Asia’s top integrated identity platform.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Corporate Round
- Amount Raised: INR 897,000,000
- Date: May 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen strategic partnerships and accelerate growth.
Total Amount Raised: $30,000,000 + INR 1,917,000,000
Current Valuation: Not publicly disclosed
Key Investors
- Elev8 Venture Partners
- Details: Elev8 Venture Partners is a growth-stage fund that participated in IDfy's Series E funding round. The firm is known for its focus on innovative technology companies with strong market fit.
- Investment Focus Areas: Growth-stage investments, technology, innovative companies.
- Notable Investments: IDfy.
- KB Investment
- Details: KB Investment is a South Korean investment firm that participated in IDfy's Series E funding round. The firm is known for its involvement in growth-stage investments.
- Investment Focus Areas: Growth-stage investments, technology, innovative solutions.
- Notable Investments: IDfy.
- Tenacity Ventures
- Details: Tenacity Ventures is an investment firm that participated in IDfy's Series E funding round. The firm is known for its hands-on approach to strategy and problem-solving.
- Investment Focus Areas: Technology, growth-stage companies, innovative sectors.
- Notable Investments: IDfy.
- Blume Ventures
- Details: Blume Ventures is a venture capital firm that led IDfy's Seed and Series D funding rounds. The firm focuses on early-stage investments in technology-driven startups.
- Investment Focus Areas: Technology, early-stage startups, innovative solutions.
- Notable Investments: Unacademy, Dunzo, IDfy.
- TransUnion CIBIL
- Details: TransUnion CIBIL is a credit information company that led IDfy's Series D funding round. The firm specializes in providing credit information and risk management solutions.
- Investment Focus Areas: Credit information, risk management, financial services.
- Notable Investments: IDfy.
What's Next for IDfy?
As IDfy looks to the future, the opportunities for growth are vast. The company is poised to expand its footprint across Asia, leveraging its AI-powered identity verification solutions to serve a diverse range of industries. With over 1,500 clients and 60 million verifications conducted monthly, the potential for scaling operations is significant. This expansion could solidify IDfy's position as a leading integrated identity platform in the region.
Future fundraising opportunities appear promising, given the recent successful rounds. Investors are likely to continue backing IDfy as it enhances its technological capabilities and broadens its market reach. The company's ability to attract substantial funding underscores the confidence in its growth trajectory and innovative solutions.
However, challenges remain. IDfy must navigate intense competition from other identity verification platforms and stay ahead of rapidly evolving technology and regulatory requirements. Ensuring data security and maintaining profitability while scaling operations will be critical. Despite these hurdles, IDfy's strategic vision and robust market presence position it well for continued success.
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