IDfy, an identity verification platform, has secured $27 million in a funding round that includes both primary and secondary offerings. The investment was led by Gaja Capital, Multiples Private Equity, and co-led by Tata Capital Growth Fund II, along with participation from other investors. The fresh capital will be employed to fuel IDfy’s expansion, enhance its technology infrastructure, and support its overall growth strategy. Established in 2011, IDfy specializes in providing identity verification and fraud prevention solutions to businesses across various industries. The platform leverages advanced technologies such as artificial intelligence and machine learning to streamline and enhance the verification process, ensuring a secure and efficient customer onboarding experience.

Identity verification startup IDfy has successfully raised $27 million through a combination of primary and secondary funding from investors such as Elev8, KB Investment, and Tenacity Ventures. This funding round enhances IDfy’s position as a leading integrated identity platform in Asia, facilitating further expansion across the continent. Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy develops technology products and solutions for accurate entity authentication, aiding businesses in fraud prevention with minimal friction in engagement with verified entities. The company’s AI-based platform is widely used for KYC, employee onboarding, and merchant verification processes. IDfy claims to have more than 1,500 clients across various sectors, including BFSI, FMCG, e-commerce, gaming, and conglomerates, with a presence in India, South East Asia, and the Middle East. Major clients include Amazon, Airbnb, HDFC Bank, Dream11, and VISA. In FY23, IDfy reported revenue from operations of Rs 108 crore, achieving profitability with a Rs 4 crore profit, compared to a loss of Rs 18 crore in FY22. IDfy faces competition from SpringVerify, AuthBridge, Digio, and Perfios-owned Karza.