Funding · Enterprise Software & IT
IDfy raises ₹476 Cr in Series F led by Neo Asset Management
By Startup Enthusiast ·
- Date
- Company
- IDfy
- What it does
- Identity verification and risk platform
- Kind
- Funding
- Amount
- ₹476 Cr ($52-53M)
- Stage
- Series F
- Founded
- 2011
- Sector
- Enterprise Software & IT
What they do
IDfy provides digital onboarding and fraud detection services for enterprises across multiple sectors
What happened
The company raised ₹476 Cr with ₹220 Cr for growth and ₹256 Cr for early shareholder exits
Why it matters
Revenue reached ₹189 Cr in FY25 as the firm expands internationally through strategic acquisitions
The details
- IDfy has raised ₹476 Cr in a Series F funding round.
- Neo Asset Management led the investment via its Neo Secondaries Fund.
- The total raise includes a ₹220 Cr primary infusion into the company.
- A ₹256 Cr secondary portion allowed early backers and the team to exit.
- Neo Asset Management contributed ₹189 Cr through multiple funds.
- Other participants included Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.
- The company plans to use funds for strategic acquisitions and new international markets.
- This follows a $27M Series E round completed in 2024.
The bigger picture
- Regulatory tailwinds from the DPDP Act enforcement support the identity verification market.
- The company operates in a sector with 5x budgetary allocation increase for compliance.
- IDfy holds a dominant position with 70% of large NBFCs/banks in India.
About the business
- IDfy offers the TrustStack platform for digital onboarding and risk mitigation.
- Services include identity verification, fraud detection, and compliance checks.
- The platform supports background checks and HR intelligence for enterprises.
- Clients span 10+ sectors including BFSI, FMCG, and ecommerce.
- The company conducts over 500M+ checks annually across its network.
- It serves 500+ enterprises globally across various industries.
- IDfy operates in 7 countries including India, Philippines, and Indonesia.
- The business model relies on high-volume transactional verification fees.
- Founders plan to scale quickly through inorganic growth/acquisitions.
What happens next
- IDfy plans to pursue strategic acquisitions to scale quickly.
- The company will expand into new international markets.
- Funds will support product suite innovation for risk mitigation.
The deal
- Type
- Series F
Investors
- Neo Asset Management (lead) — Led via Neo Secondaries Fund with ₹189 Cr contribution.
- Blume Ventures (co-lead) — Participated in the Series F round.
- Analog Capital (participated) — Invested ₹11 Cr in this round.
- Elev8 (participated) — Invested ₹5 Cr; also participated in previous Series E.
- IndiaMART (participated) — Invested ₹11 Cr in this round.
- Kae Capital (participated) — Invested ₹1.7 Cr in this round.
Founders
- Ashok Hariharan, Co-founder & CEO
- Vineet Jawa, Co-founder
About IDfy
- Product
- online fraud detection platform
Other articles talking about it
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