IDfy Raises INR 476 Cr to Expand Global Identity Verification Services
The funding round was led by Neo Asset Management, with participation from existing investors including Blume Ventures, IndiaMART, Elev8, Analog Capital, and Kae Capital.
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Identity verification platform IDfy has raised INR 476 crore in a funding round led by Neo Asset Management’s Neo Secondaries Fund, as the company looks to expand globally and enhance its product offerings amid growing regulatory focus on data privacy and fraud prevention.
The round included both primary and secondary components, enabling partial liquidity for early investors and employees while bringing fresh capital into the business.
The company plans to use the new funds for strategic acquisitions, expansion into international markets, and continued investment in its technology suite covering identity verification, risk management, and privacy governance solutions.
Founded in 2011 by Ashok Hariharan and V Balakrishnan, IDfy develops technology-driven products that help authenticate individuals and businesses. Its platform enables enterprises to prevent fraud and onboard verified users with minimal friction.
Based in Mumbai, the company said it serves more than 1,500 clients across sectors including BFSI, FMCG, e-commerce, gaming, the sharing economy, and large conglomerates. It operates across India, Southeast Asia, and the Middle East, providing digital onboarding, fraud detection, and compliance infrastructure.
Existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital also participated.
According to TheKredible, IDfy has raised over USD 70 million to date.
Identity verification platform IDfy has raised INR 476 crore in a funding round led by Neo Asset Management’s Neo Secondaries Fund, as the company looks to expand globally and enhance its product offerings amid growing regulatory focus on data privacy and fraud prevention.
The round included both primary and secondary components, enabling partial liquidity for early investors and employees while bringing fresh capital into the business.
The company plans to use the new funds for strategic acquisitions, expansion into international markets, and continued investment in its technology suite covering identity verification, risk management, and privacy governance solutions.
Founded in 2011 by Ashok Hariharan and V Balakrishnan, IDfy develops technology-driven products that help authenticate individuals and businesses. Its platform enables enterprises to prevent fraud and onboard verified users with minimal friction.
Based in Mumbai, the company said it serves more than 1,500 clients across sectors including BFSI, FMCG, e-commerce, gaming, the sharing economy, and large conglomerates. It operates across India, Southeast Asia, and the Middle East, providing digital onboarding, fraud detection, and compliance infrastructure.
Existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital also participated.
According to TheKredible, IDfy has raised over USD 70 million to date.
