Mumbai-based Identification verification startup raised 27 million dollars

Mumbai-based Identification verification startup raised 27 million dollars
Mumbai-based Identification verification startup raised 27 million dollars

At a time when the Global Tech sector is facing stagnant growth and employees are facing job losses, the Indian tech industries are booming.

Recently, a Mumbai-based Identification verification startup IDfy raised 27 million dollars in total primary and secondary funding from top firms like Elev8 Venture Partners, KB Investment, and Tenacity Ventures.

On its LinkedIn page, IDfy claims to "help enterprises eliminate fraud and establish trust using tech-powered products and solutions for KYC, KYB, Background Verification, Risk Mitigation, Digital Onboarding and Digital Privacy."

IDfy is a top Indian identity verification company that provides services to help other organizations like banks and e-commerce sites verify the identity of a person. They are crucial for preventing fraud and theft.

While applying for EMIs through certain services, we are often asked to take a picture of ourselves after entering the details like Aadhar card number and Account number. The picture that is taken is then compared to the picture on the Aadhar card servers to make sure the person applying is genuine and not a fraud. This complex process is carried out by services like IDfy.

The funds raised by the company will be used in its expansion programs, product development,  and to provide a better experience for the users, the company said in a statement on Wednesday 6th March 2024.

"Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust," said Ashok Hariharan, co-founder and chief executive, of IDfy.

IDfy was founded in 2011 by Vineet Jawa and Ashok Hariharan. Since then it has grown to become one of the major players in the field of risk management both nationally and internationally. 

IDfy provides services to India's top companies and crucial services including but not limited to KYC, KYB, background checks, risk mitigation, digital onboarding, and privacy solutions. The company has a big list of clients that includes HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, Hindustan Unilever Ltd, and American Express, managing over 60 million verifications monthly. It also provides its services to millions of users in the international markets. 

In a statement, Elev8 said it was drawn to IDfy's strong leadership team, its product-centric approach, and its alignment with India's digitization story. “The COVID-19 pandemic accelerated the adoption of cloud-based services, driving a surge in digitization and a shift in consumer behavior. This, coupled with the supportive regulatory environment fostered by the India Digital Stack initiative, creates a fertile ground for IDfy's continued growth."

“We have known Ashok and IDfy for several years and are impressed with how they have built great products and a great brand. We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth," added Rohit Razdan, managing Director of Tenacity Ventures.

The company plays a major role in one of the most important sectors in India, making life easier for millions of Indian and international customers. As of 2021, the company is valued at 66.9 million dollars. It has brought significant investments to India and sets a major example of showing the unstoppable growth of India and the potential of talented Indians who are only limited by their creative minds. 

Mayank Vikash is a passionate and driven tech enthusiast with a deep-rooted love for all things technology. As a dedicated tech student, Mayank has spent years exploring the ever-evolving world of coding, programming, and digital innovation.

Comments

Post a Comment

Translate

Popular posts from this blog

Letter to SBI Bank Manager of Local Branch to reduce the interest rate on home loan

Image
Letter to SBI Bank Manager of Local Branch to reduce the interest rate on home loan House no.  , Road no.  , Bistupur, Jamshedpur - 831002. 18th December, 2023. The Manager, SBI, Road no. , Bistupur, Jamshedpur - 831002.      Subject [To reduce the interest rate for Home Loan] Sir, I am [Name] and I have an account in your bank (A/C ......). I have been authorized a home loan from your bank which currently has an interest rate of 9.35%. The interest rates have resulted in a huge financial burden for me. I request you to reduce it to a moderate rate which I can cope with.  Yours faithfully, [Name]
Read more

Summers are becoming hotter with each passing year. Write a description of one such very hot day. What did you see and hear as you walked outside? How were birds and animals affected?

Image
Summers are getting hotter with each passing year Essay on "Summers are becoming hotter with each passing year. Write a description of one such very hot day. What did you see and hear as you walked outside? How were birds and animals affected?" India is famous all around the world for its different seasons and extreme as well as pleasant climate. The unique features of the Indian subcontinent are found nowhere else. India mainly experiences five seasons Spring, Summer, Monsoon, Autumn and Winter. Summer is considered the best among other seasons by the Indians, but its popularity is decreasing drastically each day as the temperatures are constantly increasing because of climate change. Summer is when the country experiences most death because of extreme weather conditions. It is becoming unbearable for the people as the day temperatures outside reach 50°C. Summer was often associated with fun and enjoyment, but that is not the case anymore. Summers are one of the most excitin
Read more

Describe in detail the view from your bedroom window. Does your room overlook a park? A busy street? What are the sights, sounds and smells that you would typically see, hear and experience at different times of the day? When do you most enjoy the view? Early in the morning, in the evening or late at night?

Image
  Describe in detail the view from your bedroom window. Does your room overlook a park? A busy street? What are the sights, sounds, and smells that you would typically see, hear, and experience at different times of the day? When do you most enjoy the view? Early in the morning, in the evening, or late at night? A bedroom window is the source of many sights. They can be the scenes of beautiful parks blooming with various flowers or busy streets with honking vehicles disturbing the tranquility and peace of the surroundings. Everyone has a unique experience when they have nothing to do but stare outside the open window. Those who are lucky to enjoy the view of parks from their windows typically like to watch it during the early morning while those having a busy street enjoy the night view when there are fewer vehicles and the air is a little bit cleaner. My bedroom window shows neither a park nor a busy street, but I can still enjoy the pleasant view of flowers in the morning. I can see
Read more

Narrate an experience that shows appearances can be deceiving

Image
A person standing in the railway station dressed in a good looking attire It is a common habit of humans to make judgements at the first look. It does not matter if we are seeing a person or a thing for the first time, our minds do not need to take a second look before coming to a judgement. If we look at a person, we quickly look at his clothes and shoes and come to the assumption that he is poor or rich. The same is the case with things, we decide for ourselves whether a substance is expensive or cheap just by its glittering and glistening. Over time, many learned personalities have taught us to "not judge a book by its cover." Through his various plays and writing, William Shakespeare, the popular eighteenth-century English writer, has sent the message to not fall for outward appearances. I have recently expereinced an incident that explains why is it important to not rely on just outward appearances to make a judgement about a person. I was travelling by train during my s
Read more

You visited a heritage site with your classmates and teachers. Describe what you saw and learned from your visit.

Image
Essay on visit to a Heritage Site A heritage site is a landmark or a monument of historical importance. United Nations Educational, Scientific and Cultural Organization (UNESCO) administers such sites. They can help us to learn a lot of things about the history and culture of a place. A Heritage site is not only limited to a monument or a landmark but also includes ancient ruins, structures, buildings, cities, deserts, forests, islands, lakes, mountains, and wilderness areas. Schools and Colleges frequently plan a trip to heritage sites to teach the students about their significance, structure, importance, and features. Heritage sites date back several centuries and help students learn about ancient architecture. Students can also learn about primitive ways of living, culture, and faith by visiting and studying these heritage sites. I recently visited a World Heritage site with my classmates and teachers as a part of my school trip for summer vacation. We visited the Konark Sun Temple
Read more

Imagine a situation where you get an opportunity to change one thing in your school. What would it be? Why do you want to change it? How would you bring about the change?

Image
  Imagine a situation where you get an opportunity to change one thing in your school. What would it be? Why do you want to change it? How would you bring about the change? School is a place where the young generations are bestowed with knowledge and wit. It is a place of education and learning where various subjects are taught to the students without keeping in mind their religion, gender or race. It is the place where everyone is equal and everyone has equal opportunity to get fundamental knowledge in each major subjects.  There are various subjects that are taught in the school. Majority of the subjects are taught in written form as practical lessons would be not possible to conduct for such a large number of students for each subject. But there is one subject that is taught mostly practically in our school and that is Sports.  During the sports period, the students are made to the warm up exercises before the match (which are usually regional games). During the first few classes, w
Read more

"No other subject taught in school is as important as Moral Science." Express your views for or against this statement

Image
For the statement "No other subject taught in school is as important as Moral Science." Express your views for or against this statement A school is where the youngsters are taught the fundamentals in every major subject. They are taught Mathematics, Science, English, Computer Science, and regional language - in India Hindi is taught in most schools. Children till primary schools are taught Moral Science, but in higher grades, it needs to be given more or sometimes no attention. The school forgets how this important subject can help the students to become a better person.  Children are enrolled in schools at an early age. They do not know the ethics and behaviours at such an age. Therefore, it is the responsibility of both - schools and the parents - to teach the children these basic yet important lessons. A person without ethics is no better than a non-living rock. Trees also have ethics; every living organism does. Therefore, it becomes crucial to teach the children the eth
Read more

What type of friend would you like to have, someone who is rich, someone who is helpful or someone who is reliable? Describe which are the characteristics that are most important for you and why?

A friend is one of the greatest assets of a human being. He is a companion to whom we can look for assistance and support. He celebrates our joy and consoles us when we are sad. He takes part in our hobbies, encourages us and motivates us. He is the one who cheers us up in our hard times. He has an immense amount of influence on our daily life. A friend is one of the most crucial parts of human life. It is important to decide whom we choose to be our friend, for we tend to implement the behaviours and characteristics of our close ones in ourselves. In this harsh world, finding a good friend is as important as finding a source of income, for a good friend can not only assist us, but he can teach us, guide us, and just like the parents scold us if we ever do something wrong. A good friend can be the most influential mentor in one's life, second only to parents and teachers. I would choose a reliable friend if I had to choose someone rich, helpful or reliable. A "reliable" f
Read more

“Every person must have some skill in life.” Describe an important skill that you are learning, giving the various advantages that will accrue to you after learning it.

Skills are one of the most crucial things for a person's development. Every individual must have it. Skills make a person unique from the masses. In today's competitive world, having at least one skill becomes essential. Skills like time management, critical thinking, and writing can be helpful for students to excel in their studies. They can also help to make a good impression in front of the employers. Employers prefer candidates having skills with less academic performance over those with no skills but high academic performance. Skills can significantly improve the quality and efficiency of the work, as someone with leadership skills can head a project or a department effortlessly. Skills can help an individual to adapt to different challenges faced during their lifetime. Skills are of several types, like reading, teamwork, and communication, but writing is the most significant. I am currently learning to improve my writing skills. I believe the ability to write and convey m
Read more

Imagine that you were all alone at home on a winter night. Suddenly there was thunder, lightning and heavy rain. There was no electricity, and the inverter in your house stopped working. Narrate how you felt and what you did at that time.

Image
An image of a house in winter covered with snow Staying alone at home is the experience every teenager craves to get once. It is a different adventure, for you can do whatever you want, like playing games at high volumes, running all around the house, and exploring the restricted parts like the garage and basement. But as the saying goes, "The biggest adventure does not take long to become the greatest nightmare". Something like this happened to me recently when I had gone to stay in my father's childhood home for the winter holidays in Himachal Pradesh. My grandfather built the house in the small and sparsely populated yet beautiful village of Kangra. We often choose it as our tourist destination because of its heavenly landscapes and majestic mountains. We headed there this time not just to spend the holidays but also to attend the marriage ceremony of my cousin. I had a severe stomach ache on the wedding day, so my parents had to leave me at home and go to the wedding.
Read more