Identity security firm IDfy raises $27 mn for business expansion | Company News – Business Standard

Identity security company IDfy said on Wednesday it has raised $27 million in a mix of primary and secondary fundraising from Elev8, KB Investment and Tenacity Ventures.

Mumbai-based IDfy makes products and solutions for authenticating entities, helping companies prevent fraud and verify other businesses. “Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. The fund will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses,” said Ashok Hariharan, co-founder and chief executive officer of IDfy, in a statement.

IDfy (Baldor Technologies) was founded in 2011 by Hariharan and Vineet Jawa. It has products for diligence processes called know your customer and know your business, employee background verification, risk and fraud mitigation, and digital privacy.

The company said its artificial intelligence-driven solutions serve more than 1,500 clients in banking, financial services and insurance, e-commerce, gaming and other sectors. It works with companies in India, Southeast Asia and West Asia, having HDFC Bank, Zomato, Paytm, HUL and American Express as clients.

Navin Honagudi, managing partner at Elev8 Venture Partners, said: “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. We are confident that IDfy will play a crucial role in shaping the future of risk management in India and beyond.”

Elev8 Venture Partners is a $200 million growth-stage fund anchored by South Korea’s KB Investment. Tenacity Ventures is a growth-stage investment fund with a focus on technology product businesses.

First Published: Mar 06 2024 | 3:56 PM IST