IDfy, a Mumbai-based platform for identity verification and digital onboarding, has secured $27 million in a funding round from Elev8 Venture Partners, KB Investment’s growth stage fund, and Tenacity Ventures.
Elev8 Venture Partners is a maiden growth stage fund of South Korea’s KB Investment, which also participated in the round along with Tenacity Ventures.
Established in 2011 by Ashok Hariharan and Vineet Jawa, IDfy provides solutions for know-your-customer (KYC), know-your-business (KYB), employee background verification, risk and fraud mitigation, digital onboarding, and digital privacy.
The firm’s notable clients include HDFC Bank, Axis Bank, Zomato, PhonePe, Paytm, HUL, and American Express.
“Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses,” said IDfy CEO Ashok Hariharan.
IDfy claims to conduct over 60 million verifications each month.
“We are thrilled to partner with IDfy as our first investment. The company’s innovative technology, experienced leadership team and strong market fit position it for remarkable growth,” said Navin Honagudi, managing partner, Elev8 Venture Partners.
Back in October 2021, the company secured Rs 86 crore in funding, with TransUnion and Blume Ventures leading the investment.
