Mumbai-based regtech company Idfy has secured Rs. 476 crore (~USD 52 million) in a recent funding round, led by Neo Asset Management’s Neo Secondaries Fund, along with existing investors Blume Ventures, Analog Capital, Elev8, and so on.
According to the Ministry of Corporate Affairs filings, the round saw a combination of primary and secondary investments, which totalled about Rs 220 crore for the company.
Idfy offers digital onboarding, identity verification, fraud detection, and compliance solutions to enterprises through a single platform, with over 500 enterprise clients across industries such as BFSI, ecommerce, and fintech, and performing hundreds of millions of verification checks across India and outside.
The startup, founded in 2011, will seek to scale the business globally, intensify product innovation efforts, and pursue strategic acquisitions with the additional funds, at a time when there is heightened regulatory interest in data privacy, fraud prevention, and digital trust technologies.
The funds will enable the company’s mission in building digital infrastructure for trust around the world, according to its co-founder and CEO, Ashok Hariharan, while Hemant Daga, from Neo Asset Management, highlighted its role as an essential trust layer for the growing number of digital users.
