IDfy raises Rs. 86 Cr in Series D funding
Mumbai-based IDfy recently raised Rs. 86 crore in its Series D round of funding led by TransUnion and Blume Ventures.
The ID verification startup plans to use the capital raised to strengthen product offerings and scale its business and operations. The company is looking to grow its business internationally. IDfy has recently been aiding firms in South-East and Central Asia in onboarding verified merchants and customers.
“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,” stated Ashok Hariharan, IDfy founder and CEO.
IDfy was founded in 2011 by Ashok Hariharan and provides its clients with an artificial intelligence (AI)-based platform to entirely automate the KYC process, as well as employee and merchant onboarding.
Managing Partner of Blume Ventures Karthik Reddy commented, “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.”
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