Digital belief platform IDfy raises Rs 476 Cr in funding spherical led by Neo Asset Administration

IDfy has raised Rs 476 crore in a funding spherical led by Neo Asset Administration, because the digital belief and identification verification platform appears to develop globally and deepen its product choices.

The spherical, which had each major and secondary capital, additionally noticed continued participation from present buyers together with Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.

The proceeds shall be used to pursue strategic acquisitions, enter new worldwide markets, and improve product suite, the Mumbai-based firm mentioned in an announcement.

“This secondary element supplies an exit for our early backers and crew members who believed in our imaginative and prescient when belief infrastructure wasn’t but a class,” mentioned Ashok Hariharan, Co-founder and Chief Government Officer of IDfy.

IDfy operates an built-in “TrustStack” platform spanning digital onboarding, threat mitigation, and privateness governance. The corporate mentioned it serves greater than 500 enterprise shoppers throughout over 10 sectors and conducts greater than 500 million checks yearly.

“Digital economies run on belief; the second it breaks, adoption stops. IDfy pioneered digital verification infrastructure and is now constructing a worldwide privateness and belief stack that stops fraud at scale and adapts to new-age dangers,” mentioned Hariharan.

The funding comes as India’s regulatory panorama evolves following the enforcement of the Digital Private Information Safety (DPDP) Act, rolled out in 2023, alongside a five-fold enhance in associated budgetary allocation within the newest Union Price range, the corporate mentioned.

“IDfy has constructed one thing uncommon: three distinct but complementary platforms, onboarding, threat, and privateness, that usually require enterprises to work with a number of distributors, and so they’ve achieved this profitably at scale,” mentioned Nitin Agarwal, Head of Non-public Fairness at Neo Asset Administration.

“Their platform-first method and confirmed unit economics present them with a transparent aggressive benefit in consolidating what stays a extremely fragmented world market,” he added.

Hemant Daga, Co-Founder and Chief Government Officer of Neo Asset Administration, mentioned the funding displays confidence within the firm’s execution.

“Ashok has constructed IDfy right into a scalable, enterprise-grade enterprise that displays his readability of imaginative and prescient and execution, positioning IDfy to change into the belief layer for the subsequent billion digital customers,” mentioned Daga.