IDfy secures $52M to pursue digital ID trust services ambitions
Digital ID verification firm IDfy has obtained funding of 476 crore Indian rupees, approximately US$52 million, to pursue its digital trust services plan in India under what it calls “TrustStack.”In an announcement, the firm described TrustStack as “a unified platform for digital onboarding, risk mitigation, and privacy governance.”Neo Asset Management Pvt Ltd was at the head of the Series F funding round, which also had contributions from existing backers such as Blume Ventures, Analog Capital, Elev8 Venture Partner, IndiaMART Ltd, and Kae Capital. The round had primary and secondary investment components.“With 500+ enterprise clients across 10+ sectors and 500+ million checks annually, this capital will help us accelerate global expansion, invest in strategic acquisitions, and deepen innovation across our trust and privacy stack,” IDfy said in the announcement.“We’re incredibly grateful to our investors for believing in this vision, and to our customers and partners who trust us every day with their most critical workflows,” it added.Apart from strengthening the TrustStack product suite, it will also deploy some of the funds for new acquisitions and expansion into new international markets.“Digital economies run on trust, the moment it breaks, adoption stops. This funding will accelerate our mission to build the digital infrastructure for trust for billions of people around the world,” IDfy co-founder and CEO, Ashok Hariharan, is quoted as saying by Economic Times of India.Karthik Reddy, partner at Blume Ventures, one of the funders, also remarked: “As the best product gearing the market for the DPDP regulatory adoption (Privy) on the foundation of its OnboardIQ and One Risk platforms, IDfy is set for the escape velocity that makes us even more profitable and IPO-ready. The new investors see this opportunity and we are happy to bring in more long-term partners on this decade-plus journey.”Launched in 2011, IDfy has operations in seven countries including India and some markets across Southeast Asia and the Middle East.The funding comes at a time when there is said to be more attention paid to issues of data privacy and regulatory compliance following the operationalization of India’s Digital Personal Data Protection.The last major announced funding for IDfy came in 2024 when $27 million was obtained, with the company saying at the time that the money will be used, among things, to expand operations and product development.
