IDfy Raises ₹476 Cr to Accelerate Global Expansion Plans

Mumbai-based identity verification firm IDfy has raised ₹476 crore in a Series F funding round aimed at "supercharging its global expansion". The funding round was led by Neo Asset Management along with a group of existing investors, including Blume Ventures, Analog Capital, Elev8 Venture Partners, IndiaMART and Kae Capital.

According to a company statement, the funds will support IDfy’s strategic acquisitions, entry into new international markets and continued innovation of its product suite.

Founded in 2011 by Ashok Hariharan and Vineet Jawa, IDfy provides profile authentication using predictive analytics through services such as background verification, customer insights and HR intelligence. Its TrustStack platform offers digital onboarding, risk mitigation and privacy governance. The company operates across India, Southeast Asia and the Middle East, serving over 500 enterprise clients and conducting more than 500 million checks annually.

In 2024, IDfy raised $27 million in a Series E round from Elev8 Venture Partners, KB Investment and Tenacity Ventures, taking its total funding to about $66.5 million from investors including Blume Ventures and IndiaMART.

The latest funding round also includes a secondary component, providing an exit for early backers and team members who supported IDfy’s vision from its inception. “This secondary component provides an exit for our early backers and team members who believed in our vision when trust infrastructure wasn’t yet a category,” said Ashok Hariharan, Co-founder and CEO of IDfy. “We’re grateful to both our existing and new investors for supporting this next chapter.”

“IDfy pioneered digital verification infrastructure and is now building a global privacy and trust stack that prevents fraud at scale and adapts to new-age risks. This funding will accelerate our mission to build the digital infrastructure for trust for billions of people around the world,” Hariharan added.

IDfy’s investment comes as India begins enforcing the Digital Personal Data Protection Act, 2023, alongside a fivefold increase in budgetary allocation in the latest Union Budget to support the development of the RegTech ecosystem.

“Ashok has built IDfy into a scalable, enterprise-grade business that reflects his clarity of vision and execution, positioning IDfy to become the trust layer for the next billion digital users,” said Hemant Daga, Co-founder and CEO, Neo Asset Management.

“IDfy has built something rare: three distinct yet complementary platforms, onboarding, risk and privacy, that typically require enterprises to work with multiple vendors, and they’ve achieved this profitably at scale,” said Nitin Agarwal, Head – Private Equity, Neo Asset Management. “Their platform-first approach and proven unit economics provide them with a clear competitive advantage in consolidating what remains a highly fragmented global market.”