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Mumbai-based IDfy to use US$27M in funding for biometrics expansion, development

Mumbai-based IDfy to use US$27M in funding for biometrics expansion, development
 

IDfy, an identity verification, biometrics and risk assessment platform based in Mumbai, has secured a US$27 million (approximately 2.2 billion Indian rupees) investment, in a mix of primary and secondary funding from Elev8 Venture Partners, Tenacity Ventures and other affiliates, The Economic Times reports.

IDfy says the funds are a validation of the company’s work in KYC/KYB, employee background verification, risk and fraud mitigation, digital onboarding and privacy. Its software portfolio includes face biometrics, document data extraction and database checks.

The firm will use the money to expand operations and product development, building on current metrics of more than 60 million verifications a month, and a clientele that includes HDFC Bank, Axis Bank, Zomato, and American Express.

“We are thrilled to partner with IDfy as our first investment,” says Navin Honagudi, managing partner at Elev8 Venture Partners. “The company’s innovative technology, experienced leadership team and strong market fit position it for remarkable growth.”

The funding round is IDfy’s series E, according to Crunchbase.

TransUnion and Blume Ventures led a previous funding round for IDfy in 2021. Other investors listed on the firm’s website include MegaDelta Capital, Japan’s ​​Dream Incubator, Beenext and NB Ventures. Ashok Hariharan and Vineet Jawa founded IDfy in 2011.

In a post on LinkedIn celebrating the investment, the founders of IDfy say they “look forward to building a truly global brand that helps businesses combat fraud using advanced, enterprise-grade technology.”

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