IDfy Secures $27 Million Investment to Fuel Expansion and Trustworthiness Initiatives

IDfy Secures $27 Million Investment
Preeti Bali / 11:06 am / March 7, 2024

Elev8 Venture Partners, supported by South Korea’s KB Investment, has initiated a significant investment of $27 million in IDfy, a provider of identity verification services. The funding round also saw participation from KB Investment and Tenacity Ventures.

Ashok Hariharan, Co-founder and CEO of IDfy, expressed enthusiasm about the recent investment in the company, stating that it will facilitate their expansion endeavors and product enhancement, ultimately catering to a broader range of businesses and fostering opportunities for trustworthy individuals and enterprises.


Eliminating Fraud and Establishing Trust


Hariharan emphasized IDfy’s mission to eradicate fraud and instill trust in transactions. The injection of funds will drive the company’s growth trajectory, empowering them to extend their services to a larger clientele and unlock new prospects for both reliable individuals and businesses.


About IDfy


Founded in 2011 by Ashok Hariharan and former Lendingkart CTO and Co-founder Vineet Jawa, IDfy specializes in customer background and verification services, alongside video KYC services and merchant onboarding solutions. Their comprehensive checks encompass various aspects such as work history, educational background, and legal records to ascertain an individual’s suitability for specific roles or tasks.


Diverse Clientele and Market Presence


IDfy currently caters to over 1,500 clients spanning diverse sectors including BFSI, FMCG, ecommerce, gaming, and more. The company’s statement highlighted its commitment to delivering reliable services across a broad spectrum of industries.


Pioneering Technology for Growth


Navin Honagudi, Managing Partner of Elev8 Venture Partners, expressed excitement about the collaboration with IDfy, emphasizing the company’s innovative technology, seasoned leadership, and strong market positioning. He anticipates IDfy’s pivotal role in shaping the future landscape of risk management, not only in India but also on a global scale.


More Stories