idfy funding: Identity verification platform IDfy raises $27 million in primary, secondary mix
Identity verification and digital onboarding platform, IDfy, has raised $27 million in a mix of primary and secondary funding from Elev8 Venture Partners along with its limited partners and affiliates.
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Elev8 is a maiden growth stage fund of South Korea’s KB Investment, which also participated as a part of the round along with Tenacity Ventures.
Founded in 2011 by Ashok Hariharan and Vineet Jawa, Mumbai-based IDfy offers solutions for know-your-customer (KYC), know-your-business (KYB), employee background verifications, risk and fraud mitigation, digital onboarding and digital privacy.
It counts HDFC Bank, Axis Bank, Zomato, PhonePe, Paytm, HUL, and American Express, among others as clients.
“Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses,” said Ashok Hariharan, cofounder and chief executive officer, IDfy.
IDfy claims to run over 60 million verifications every month.
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“We are thrilled to partner with IDfy as our first investment. The company’s innovative technology, experienced leadership team, and strong market fit position it for remarkable growth,” said Navin Honagudi, managing partner, Elev8 Venture Partners. In October 2021, IDfy had raised Rs 86 crore in funding led by TransUnion and Blume Ventures.
Identity verification and digital onboarding platform, IDfy, has raised $27 million in a mix of primary and secondary funding from Elev8 Venture Partners along with its limited partners and affiliates.
![]()
Elev8 is a maiden growth stage fund of South Korea’s KB Investment, which also participated as a part of the round along with Tenacity Ventures.
Founded in 2011 by Ashok Hariharan and Vineet Jawa, Mumbai-based IDfy offers solutions for know-your-customer (KYC), know-your-business (KYB), employee background verifications, risk and fraud mitigation, digital onboarding and digital privacy.
It counts HDFC Bank, Axis Bank, Zomato, PhonePe, Paytm, HUL, and American Express, among others as clients.
“Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses,” said Ashok Hariharan, cofounder and chief executive officer, IDfy.
IDfy claims to run over 60 million verifications every month.
Discover the stories of your interest
“We are thrilled to partner with IDfy as our first investment. The company’s innovative technology, experienced leadership team, and strong market fit position it for remarkable growth,” said Navin Honagudi, managing partner, Elev8 Venture Partners. In October 2021, IDfy had raised Rs 86 crore in funding led by TransUnion and Blume Ventures.
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