SUMMARY
Founded in 2011 by Ashok Hariharan and Vineet Jawa, IDfy is an AI-driven platform which empowers businesses to eliminate fraud at its source
It claims to have served over 1500 clients since inception, spanning diverse sectors such as BFSI, FMCG, ecommerce, gaming, sharing economy, and conglomerates
Equipped with AI/ML capabilities and banking grade security, IDfy claims to have impacted over 150 Mn lives and run over 60 Mn verifications every month
IDfy, an online fraud detection platform that provides background verification services, has secured $27 Mn (around INR 224 Cr) in a Series E funding round led by growth stage venture capital (VC) fund Elev8, with participation from KB Investment and Tenacity Ventures.
This also marks Elev8’s first investment from its maiden fund worth $200 Mn which was announced in 2022. Back then, the VC fund said that it created data-driven algorithms for its investment framework to give its investors a better clarity on the fund’s capital deployment strategy.
“The funds 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, cofounder and CEO of IDfy.
Founded in 2011 by Hariharan and Vineet Jawa, IDfy helps users authenticate and validate individual profiles using predictive analytics via services such as background verification, customer insights and end-to-end HR intelligence for recruitment.
It claims to have served over 1,500 clients since its inception, spanning diverse sectors such as BFSI, FMCG, ecommerce, gaming, sharing economy, and conglomerates.
According to the startup, it conducts over 2 Mn verifications per day and counts companies including HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, HUL, American Express, among others as clients.
It is operational across India, Southeast Asia and the Middle East. Equipped with AI/ML capabilities and banking grade security, IDfy claims to have impacted over 150 Mn lives and run over 60 Mn verifications every month.
Prior to the latest round, Inc42 reported in 2021 that the startup was planning to raise INR 86 Cr funding in its Series D2 round.
Last year, fintech company Infibeam announced its plans to foray into the fraud detection industry with the launch of indigenously built AI-based solutions for authentication, fraud detection and risk identification for both domestic and global markets.
The company said that it would invest an undisclosed amount in Gujarat’s GIFT City to build an AI hub.
Last year, yet another fraud detection startup Bureau bagged an additional $4.5 Mn as part of the Series A round to expand its global coverage, widen its IP scope and expand tech stack.
