Gurugram based AuthBridge raises $7 million in Series B round
- ByTejika Bajaj | December 7, 2021
Gurugram based AuthBridge recently announced that it has raised a consolidated sum of $7 million (RS. 52 crore) in its Series B round of funding led by private equity firm Phi Capital. This announcement comes just a few months after the startup raised a series A funding round from Infinity Ventures.
The freshly infused funds would be utilized by the startup to invest in technology, strengthen the workforce as well as to launch new product lines thereby enabling the firm to discover alternative revenue streams.
Commenting about the recent round of funding, the co-founder and CEO of AuthBridge, Ajay Trehan stated, “This investment is a testament to our efforts in paving the road for the authentication ecosystem in India. The capital raised will go towards scaling technology innovation, hiring top talent, and launching new products to add value to our clients.”
Founded in 2005 by Ajay Trehan, AuthBridge is an identity and background verification company based out of Gurugram. The company has over 1500 clients across 30 sectors. It was recognised by the National Association of Software and Service Companies (NASSCOM) as the top innovator in artificial intelligence (AI) for enabling a contactless world in August.
Expressing his thoughts on the Series B round of funding, the Managing Partner and Founder of Phi Capital, Anupam Thareja exclaimed, “Phi Capital is thrilled to join the journey of AuthBridge, a home-grown company that is solving the challenges in background verification, KYC and fraud detection while building data and AI-led solutions for risk mitigation.”
Also Read
Follow Startup Story
Related Posts
