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Founded
2011
Headquarters
Mumbai (India)
Status
Series E
Company Details
IDfy operates as integrated identity platform specializing in AI-driven KYC, KYB, fraud prevention and compliance solutions. The company serves 1,500+ clients across banking, e-commerce, gaming and FMCG sectors in India, Southeast Asia and the Middle East. Its unique value proposition centers on "frictionless fraud prevention"—combining 140+ APIs, biometric authentication and legal database analytics to automate onboarding while ensuring regulatory compliance.
Key milestones
Profitability achieved: Turned from ₹18 crore loss (FY22) to ₹4 crore profit (FY23), with FY24 revenue at ₹145 crore.
Market leadership: Processes 60M+ monthly verifications and powers onboarding for 10% of India’s FASTag transactions.
Awards: Deloitte Technology Fast 50 (2022), Forbes Asia "100 to Watch" (2023).
Core Products & Services
KYC/KYB APIs: 140+ AI/ML APIs for document validation, face match and liveness detection (e.g., PAN, Aadhaar, e-FIR checks).
Video Solutions: Remote onboarding with 90% conversion rates and 100% compliance adherence.
CrimeCheck: AI-powered legal history scans across 400M+ Indian court/tribunal records.
IDfy360: Low-code workflow builder for custom onboarding journeys (launch in 7 days).
Background Verification: SaaS-based checks for employment, education and criminal records.
Privy: Consent governance platform for DPDP Act compliance.
Business Model & Revenue Streams
Per-Verification Fees (70%): ₹101.5 crore from 60M+ monthly checks.
Enterprise Subscriptions (20%): SaaS plans for BGV and risk analytics (₹29 crore).
Licensing/Compliance (10%): DPDP solutions like Privy (₹14.5 crore).
Geographic Mix
India (80%): Banking (50%), e-commerce (30%), FMCG (20%).
International (20%): Southeast Asia/Middle East expansion.
Customer Segmentation
B2B Focus: 100% enterprise clients, split between SMBs (20%) and large corporates (80%).
Top Clients & Partnerships
1. Strategic Clients
HDFC Bank/Axis Bank: Core banking KYC infrastructure.
Amazon/Zomato: E-commerce onboarding and fraud detection.
Dream11/VISA: Gaming/payment risk mitigation.
2. Technology Partners
Equifax: Real-time credit data integration since 2016.
DriveWealth: U.S. stock trading infrastructure for global expansion.
Jio Haptik: AI-driven customer service integration (2023).
Future Outlook & Strategic Priorities
Global Expansion: Targeting Indonesia/Philippines entry; 40% YoY international growth.
DPDP Act Monetization: Scaling Privy for consent governance (150M+ lives impacted).
AI Product Suite: Enhanced predictive fraud analytics using 2M+ daily API hits.
M&A Pipeline: Exploring acquisitions in biometrics and blockchain-based identity.
Regulatory Volatility: DPDP enforcement and Southeast Asia compliance fragmentation.
Key Metrics
Total Equity Funding
$58 Million
No. of Funding Rounds
8
Latest Funding Round
$10.8 Million, Series E
as of May 30, 2024
Post Money Valuation
$125 Million
as of May 30, 2024
Funding Multiple
2.1
as of May 30, 2024
Investors
Blume Ventures
and 2 moreEmployee Count
782
Similar Companies
Jify
Exit Details
N/A
All Funding Rounds
| Date | Round Name | Amount | Valuation | Revenue | Revenue Multiple | Investors |
|---|---|---|---|---|---|---|
| May 30, 2024 | Series E | $10.8 Million | $125 Million | - | - | IndiaMART |
| March 6, 2024 | Series E | $27 Million | - | $17.6 Million | - | Elev8, KB Investment, Tenacity Ventures |
| October 5, 2021 | Series D | $11.5 Million | $44 Million | $6.6 Million | - | Blume Ventures |
| August 27, 2020 | Series A | $2.1 Million | $114Million | $4.1 Million | - | Millenna FVCI III, New Enterprise Associates, Dream Incubator |
| January 2, 2018 | Seed | $3 Million | - | - | - | Dream Incubator |
| August 18, 2015 | Seed | $3 Million | $18.9 Million | $129 K | - | New Enterprise Associates, Blume Ventures, Beenext |
| March 29, 2012 | Seed | Undisclosed | $932 K | - | - | Blume Ventures |