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Identity verification platform IDfy has raised ₹476 crore in a funding round. The company plans to use the capital to expand globally and strengthen its product stack.
IDfy helps businesses onboard customers digitally & detect fraud.
The deets: the round allows partial exits for early investors and employees. Existing backers like Blume Ventures, IndiaMART also participated.
The company will also acquire smaller tech players to strengthen its capabilities. A part of the capital will also go toward scaling infrastructure, so the platform can handle higher verification volumes as digital transactions and regulatory scrutiny continue to rise.
Zoom out: with the rollout of the Digital Personal Data Protection Act, demand for identity checks, fraud prevention, and compliance tools is rising fast. As more services move online, companies need a stronger “trust layer” to operate smoothly.
