About IDfy
IDfy is a company based in Mumbai (India) founded in 2011 by Narayanswamy Hariharan, Vineet Jawa, and Ashok Hariharan.. IDfy has raised $56.03 million across 11 funding rounds from investors including IndiaMART, TransUnion and HDFC Bank. IDfy operates in a competitive market with competitors including Perfios, IDnow, Signicat, Onfido and HID Global, among others.
- Headquarter Mumbai, India
- Founders Narayanswamy Hariharan, Vineet Jawa, Ashok Hariharan
- Stage Minicorn
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Sectors
TechnologyFinancial Services
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Email
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Phone
*********
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Website
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Social
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$56.03 M (USD)
in 11 rounds
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Latest Funding Round
$10.76 M (USD), Series E
May 30, 2024
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Investors
IndiaMART
& 22 more
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Employee Count
Employee Count
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Software Development Team
30 people
Product Management Team
16 people
Sales and Marketing
16 people
Leadership Team
10 people
Senior Team
6 people
Human Resources and Administration
5 people
Strategic Team
2 people
Global Team
1 people
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Funding Insights of IDfy
IDfy has successfully raised a total of $56.03M across 11 strategic funding rounds. The most recent funding activity was a Series E round of $10.76 million completed in May 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 11
- Last Round Series E — $10.8M
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First Round
First Round
(29 Mar 2012)
- Investors Count 23
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| May, 2024 | Amount | Series E - IDfy | Valuation | IndiaMART |
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| Mar, 2024 | Amount | Series E - IDfy | Valuation | Elev8 | |
| Sep, 2021 | Amount | Series D - IDfy | Valuation | TransUnion , Blume Ventures |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in IDfy
IDfy has secured backing from 23 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include IndiaMART, TransUnion and HDFC Bank. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Investments are made in growth-stage companies across multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital fund investing in early-stage tech startups
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Founded Year | Domain | Location | |
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Technology investment firm focusing on early-growth stages and software businesses in India.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by IDfy
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - IDfy
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Idfy Comparisons
Competitors of IDfy
IDfy operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Perfios, IDnow, Signicat, Onfido and HID Global, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Provides financial technology solutions for data analysis and verification globally.
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| domain | founded_year | HQ Location |
Automated and expert-led identity verification services are provided.
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| domain | founded_year | HQ Location |
Software solutions for identity management are provided via APIs.
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| domain | founded_year | HQ Location |
Identity verification solutions are provided, including document and biometric authentication.
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| domain | founded_year | HQ Location |
Cloud-based physical identity and access management systems are developed.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Idfy
Frequently Asked Questions about IDfy
When was IDfy founded?
IDfy was founded in 2011 and raised its 1st funding round 1 year after it was founded.
Where is IDfy located?
IDfy is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Who is the current CEO of IDfy?
Ashok Hariharan is the current CEO of IDfy. They have also founded this company.
Is IDfy a funded company?
IDfy is a funded company, having raised a total of $56.03M across 11 funding rounds to date. The company's 1st funding round was a Series D of $12.53M, raised on Mar 29, 2012.
What does IDfy do?
Provider of identity verification, background screening, fraud prevention, and risk solutions. They offer a suite of APIs for identification, verification, and onboarding. The company provides video solutions for remote verification and onboarding processes. It delivers technology-driven solutions for background screening, along with a no-code platform for onboarding journeys. They offer fraud and risk solutions, including transaction intelligence and legal history checks.
Who are IDfy's investors?
IDfy has 23 investors. Key investors include IndiaMART, TransUnion, HDFC Bank, HDFC securities, and Vistra ITCL.
What is IDfy's valuation?
The valuation of IDfy is $43.96M as of Sep 2021.
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