IDfy, a regulatory technology company, has raised Rs 86 crore in a Series D round led by TransUnion and Blume Ventures.

IDfy, a regulatory technology startup, announced on Thursday that it had raised Rs 86 crore in its Series D round of funding, which was led by TransUnion and Blume Ventures.

In addition to developing products and solutions that authenticate entities for businesses in order to prevent fraud and assist them in engaging with verified entities, the Mumbai-based startup also provides consulting services. Know Your Customer checks, employee and merchant onboarding, and other services are all part of the package.

A press release from the startup stated that it plans on utilising the recently injected capital to enhance and expand its product offerings, along with its business and operational capabilities.

The company is also expanding its operations internationally

Forming partnerships with companies in South East Asia and the Middle East to provide merchant onboarding services to their customers.

The company claims to have completed more than 70 million verifications for over 500 businesses, which includes companies such as Amazon, Airbnb, HDFC Bank, Dream11, and Visa, amongst other notable names. MegaDelta Capital, BEENEXT, Dream Incubator, NB Ventures, and Blume Ventures are among the institutional investors who have previously invested in the firm’s venture capital arm. “Our partnership with TransUnion provides us with the opportunity to drive this change on a global scale.” IDfy’s founder and CEO, Ashok Hariharan, expressed his gratitude to Blume Ventures for believing in the company from the beginning. “We are grateful for their continued support as we embark on the next, and most exciting, phase of our adventure.”

RedCore estimates that the market for digital authentications in India will reach $2.4 billion by 2024, based on current trends and forecasts. The global market for fraud detection and prevention is expected to reach $142 billion by 2028, according to estimates. IDfy competes with companies such as Signzy, FixNix, and Avantis, which are all based in India.

The accurate identification and verification of people is critical for economic progress, according to Karthik Reddy, managing partner at Blume Ventures, as an increasing number of Indians enter the formal employment sector.

Since the majority of these engagements are conducted remotely and virtually, IDfy is viewed as an infrastructure investment that will fuel this expansion, according to Reddy. The company IDfy was already a pioneer in this field when we made our initial investment.” Our latest investment demonstrates our continued faith in the company and its ability to lead digitisation in India and around the world.”


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