Online identity verification platform IDfy has raised ₹476 Cr (about $52.5 Mn) in its Series F funding round in a mix of primary and secondary components. The round was led by Neo Asset Management, with participation from existing backers Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.
The startup, in a statement, said the funding will be used for strategic acquisitions, entry into new international markets, and strengthening its product suite.
Without disclosing the names of investors taking exit via secondary transaction, cofounder and CEO Ashok Hariharan said, “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.”
Founded in 2011 by Hariharan and Vineet Jawa, IDfy helps users authenticate and validate individual profiles using predictive analytics via services such as background verification, customer insights and end-to-end HR intelligence for recruitment. IDfy’s TrustStack platform offers solutions for digital onboarding, risk mitigation and privacy governance.
Apart from India, it operates in regions like Southeast Asia and the Middle East. Equipped with AI/ML capabilities and banking grade security, the startup claims to have worked with over 500 enterprise clients across sectors like BFSI, FMCG, ecommerce, gaming, sharing economy, and conglomerates, and conducted more than 500 Mn checks annually.
In 2024, the IDfy launched a privacy and compliance suite to help enterprises achieve full compliance with the Digital Personal Data Protection Act. The electronics and IT ministry (MeitY) notified the DPDP Act 2025 in November to supervise the use of personal data by setting standard procedures for collecting, accessing and safeguarding the data.
Prior to this round, the startup raised $27 Mn from Elev8, KB Investment and Tenacity Ventures in Series E funding round in 2024 to fuel its expansion plans and product development. Overall, it has raised about $66.5 Mn to date from investors like Blume Ventures, IndiaMART, Faktory Ventures, among others.
The Mumbai-based fraud detection startup competes with Bureau, Signzy, Helloverify, Karza Technologies, among others.
The funding comes at a time when the need for data protection has never been higher due to the increasing risks of online fraud and data theft. With the Centre’s push for data protection, investors are betting on startups that operate in the online fraud detection and cyber security segments to keep sensitive information safe.
For instance, AI-native data security platform Matters.AI raised INR 42 Cr ($4.7 Mn) in October last year to scale its presence, invest in R&D, improve its reasoning capabilities, and increase integration capabilities.
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