Mumbai-based ID verification and onboarding solutions company, IDFY, has raised INR 86 crore in its series D funding round led by TransUnion and Blume Ventures.
The startup plans to use the fresh round of funds to strengthen its product offerings and expand it’s business and operations.
Idfy is also expanding its business globally for the past 6 months by partnering with firms in South East Asia as well as the Middle East to offer merchant onboarding services.
IDfy, which ranks amongst Asia’s top five regulatory technology companies, has performed 70+ million verifications to more than 500 businesses which include firms such as Amazon, Airbnb, HDFC Bank, Dream11, and Visa. The firm counts institutional investors MegaDelta Capital, BEENEXT, Dream Incubator, NB Ventures, and Blume Ventures as existing backers.
The company claims that organisations use its artificial intelligence (AI)-based platform to automate and streamline employee and merchant onboarding as well as to conduct the KYC process.
Ashok Hariharan, Founder and CEO, IDfy, said, “A billion more people globally are expected to enter the formal economy over the next five years. Our partnership with TransUnion gives us the chance to drive this change at a global scale. Blume Ventures has believed in us from day one. We are happy to have their continued support in the next, most exciting phase of our journey.”
Karthik Reddy, Managing Partner, Blume Ventures, said, “Accurate identification and verification of people is critical for our economy to progress as an estimated 400 million more Indians enter organised employment by 2025 and start accessing mainstream financial services.
Rajesh Kumar, MD and CEO at TransUnion CIBIL, said, “The investment will also help CIBIL with onboarding technology for its customers. At a time when consumers and businesses are increasingly transacting in a digital environment, a reliable basis for trust has never been in greater demand,”.