Equal Identity raises $10M, giving Indian IDV start-up $80M valuation

Indian biometric identity verification start-up Equal Identity has raised further funds that give the start-up an impressive valuation in the country’s lively entrepreneurial scene.

Equal Co-founder Keshav Reddy announced on LinkedIn that he and his Co-founder Rajeev Ranjan had raised $10 million in Series A funding.

Leading the round were Ashutosh Sharma and Apoorve Goyal at Prosus Ventures, and Iqbaljit Kahlon at Tomales Bay Capital, with the result that Equal is worth $80 million post-round, according to Reddy.

Based in the southern Indian city of Hyderabad, Equal was founded in December 2021, and provides digital ID verification workflows, personalized ID verification APIs, consumer profiling, and face biometric verification among its services.

In his LinkedIn post, Reddy thanked a long list of institutions and angel investors for their support. These included DST Global Partners, Quona Capital, and Valiant Capital Management amongst the former; and Kunal Shah of CRED, Parth Jindal of JSW, and Karan Adani of Adani Group amongst the latter.

“We join hands with KP Atluri & OneMoney AA to enter into a strategic partnership that reinforces our vision for a secure, consent-driven data-sharing ecosystem in India,” he also announced.

“Equal & One Money are jointly one of India’s largest data sharing companies and we are just starting out. We’re excited to build a future where every Indian and business can confidently take control of their data,” he wrote.

Earlier this year, Keshav Reddy spoke at the Mint Digital Innovation Summit where he said it is possible to revoke consent already given for sharing one’s personal data under India’s DPDP Act 2023.

Article Topics

biometrics  |  digital identity  |  Equal Identity  |  face biometrics  |  facial verification  |  funding  |  identity verification