Equal Raises $10 Million in Series A Funding Led by Prosus Ventures

• ByStartupStory     |    November 11, 2024

Equal, a prominent data sharing platform in India, has announced the successful closure of its Series A funding round, securing $10 million. The funding was led by Prosus Ventures, alongside Tomales Bay Capital and Equal’s founder, Keshav Reddy. This latest capital injection brings Equal’s post-money valuation to $80 million, underscoring its commitment to strengthening India’s digital data-sharing ecosystem.

With the new funds, Equal aims to expand its operations, cultivate strategic partnerships, and develop a secure, integrated digital infrastructure. This infrastructure will support seamless data sharing, a critical component for identity verification, KYC, fraud prevention, and regulatory compliance across multiple sectors in India.

The funding round also attracted an impressive lineup of investors, including Blume Ventures (Founders Fund), DST Global, Quona VC, and Gruhas VC, alongside renowned figures such as Nikhil Kamath (Gruhas VC), Binny Bansal (Co-founder, Flipkart), Harsh Jain (Founder, Dream11), Karan Adani (Managing Director, Adani Ports), and several other influential leaders from the startup and investment ecosystems.

Commenting on the investment, Apoorve Goyal, Managing Director of India Investments at Prosus Ventures, emphasized Equal’s pioneering role in India’s data-sharing revolution:

“Equal is at the forefront of revolutionizing identity verification and financial data sharing in India. With its strategic investment in OneMoney AA, Equal is leveraging India’s unique digital public infrastructure to build a secure and scalable platform that addresses the urgent need for frictionless and consent-driven data sharing in today’s digital landscape. We believe in Keshav’s vision to drive financial inclusion through innovative technology, and are excited to support Equal’s growth as it continues to lead this transformation.”

Equal’s founders, Keshav Reddy and Rajeev Ranjan, have built a highly secure platform that integrates with over 50 ID databases and 4,000+ API providers. The company recently strengthened its position by investing in OneMoney, India’s first and largest Account Aggregator, founded by Krishna Prasad. This collaboration allows Equal to enhance its consent-driven financial data sharing capabilities, bolstering services for over 64 million monthly transactions and serving 250+ clients nationally with a 97% success rate in KYC-processing.

Sharing his vision for Equal’s future, Founder Keshav Reddy stated: “Our vision is to serve Indians for all their needs. Our journey is rooted in the idea that secure, consent-driven data sharing can unlock new opportunities for all Indians. With this fundraise, and our partnership with OneMoney, we are committed to creating an ecosystem where every Indian and business can confidently take control of their data, fostering a more equitable and empowered digital future for India.”

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