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IDfy is a series E company based in Mumbai (India), founded in 2011 by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala. It operates as a Provider of integrated identity verification and risk management solutions. IDfy has raised $35.6M in funding from investors like Blume Ventures, New Enterprise Associates and IndiaMART, with a current valuation of ₹1,050Cr. The company has 1348 active competitors, including 248 funded and 146 that have exited. Its top competitors include companies like IDnow, Signicat and Onfido.
Company Details
Provider of integrated identity verification and risk management solutions. It offers a suite of APIs for Know Your Customer (KYC), Know Your Business (KYB), background verification (BGV), and fraud prevention. These solutions include video-based onboarding, bank statement analysis, and legal history checks. A no-code platform facilitates customizable onboarding journeys. The company also provides a consent governance solution for data privacy compliance. Its offerings are designed for various industries, including banking, e-commerce, and fintech.
- Website
- www.idfy.com/
- Social
- Email ID
- *****@idfy.com
- Phone Number
- +91 **********
- Registered Address
- 8th Floor, Skyline Icon, Andheri x1a Kurla Road, Chimatpada, Marol, Andheri East,NA-Mumbai-Maharashtra-400059-India
Legal entities associated with IDfy
IDfy is associated with 2 legal entities given below:
Legal Entity Name | Date of Incorporation | Revenue | Latest Employee Count | Documents |
|---|---|---|---|---|
Baldor Technologies Account Aggregator Services Private Limited CIN: U72900MH2022PTC390812 India, Active | Sep 19, 2022 | $16.3K (as on Mar 31, 2024) | - | |
May 30, 2011 | $17.7M (as on Mar 31, 2024) | 587 (as on Apr 30, 2025) |
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IDfy's funding and investors
Filter this listIDfy has raised a total funding of $35.6M over 11 rounds. Its first funding round was on Mar 29, 2012. Its latest funding round was a Series E round on May 30, 2024 for $10.8M. 1 investor participated in its latest round, lead by IndiaMART.
IDfy has 18 institutional investors including Blume Ventures, New Enterprise Associates and IndiaMART. Millenna FVCI III is the largest institutional investor in IDfy. There are 21 Angel Investors in IDfy.
Here is the list of recent funding rounds of IDfy:
Date of funding | Funding Amount | Round Name | Post money valuation | Revenue multiple | Investors |
|---|---|---|---|---|---|
May 30, 2024 | $10.8M | Series E | 3010573 | 9860326 | |
Mar 06, 2024 | $6.6M | Series E | 6849501 | 5523471 | |
Sep 15, 2021 | $12.5M | Series D | 2794345 | 1044556 |
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IDfy's founders and board of directors
Founder? Claim ProfileThe founders of IDfy are Ashok Hariharan, Vineet Jawa and Hatim Baheranwala. Ashok Hariharan is the CEO of IDfy.
Here are the details of IDfy's key team members:
- Ashok Hariharan: Co-Founder & CEO of IDfy and founder of 3 other companies, Privy, Oneid and Checkwala. They are also an angel investor in 1 startup and serve on the boards of 2 companies.Contact Info: 1 email address
- Vineet Jawa: Co-Founder & Diretcor of IDfy and founder of 5 other companies, including CredRight, Gaboli and Oneid. They serve on the boards of 2 companies.Contact Info: 1 email address
- Hatim Baheranwala: Former Co-Founder of IDfy. They serve on the board of 1 company.
View details of IDfy's Founder profiles and Board Members
IDfy's employee count trend
IDfy has 587 employees as of Apr 25. The total employee count is 35.0% more than what it was in Apr 24. Here is IDfy's employee count trend over the years:Uncover IDfy's growth story! Sign up today!Access Tracxn on any website
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IDfy's Competitors and alternates
Top competitors of IDfy include IDnow, Signicat and Onfido. Here is the list of Top 10 competitors of IDfy, ranked by Tracxn score:
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Overall Rank | Company Details | Short Description | Total Funding | Investors | Tracxn Score |
|---|---|---|---|---|---|
1st | Provider of KYC, identity verification, and AML solutions for banks and financial institutions | $40M | 74/100 | ||
2nd | Provider of software solutions for identitiy management | $2.09M | 73/100 | ||
3rd | Provider of integrated identity verification and risk management solutions | $35.6M | 73/100 | ||
4th | Onfido 2012, London (United Kingdom), Acquired | AI-powered digital identity verification solution | $242M | 72/100 | |
5th | Cloud based KYC and AML management software | $181M | 69/100 | ||
6th | Encompass 2011, Glasgow (United Kingdom), Series B | Cloud-based KYC automation software for banking, investment, legal, and accountancy sectors | $198M | 69/100 | |
7th | Provider of digital transaction and document management platform for enterprises | $11.9M | 67/100 | ||
8th | Checkr 2014, San Francisco (United States), Series E | AI based platform for employee background verification | $680M | 67/100 | |
9th | HyperVerge 2014, Palo Alto (United States), Seed | Provider of identity verification and customer onboarding platform | $1M | 66/100 | |
10th | Socure 2012, New York City (United States), Series E | AI based platform offering identity verification | $650M | 66/100 |
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IDfy's Latest cap tables and shareholding
Founders own 18.42%, Funds (largest shareholder) own 48.15%, Enterprises own 17.11% and Angels own 4.48%. The net worth of IDfy's founders is INR 193Cr as of May 08, 2024.
Shareholders Name | Post Round Holding % | Net worth | Cumulative investment | Realised returns | Unrealised returns | Return multiple |
|---|---|---|---|---|---|---|
Founder | 18.42% | 193Cr | 5789458 | 3234897 | 2024607 | 7804174 |
9378330 | 8743392 | 8914950 | 7230539 | 1096495 | 2129896 | |
49 | 74 | 50 | 32 | 94 | 76 | |
Fund | 48.15% | 503Cr | 7623248 | 4950437 | 7079283 | 5480004 |
5 | 3 | 5 | 1 | 8 | 7 | |
9835229 | 6901291 | 2203400 | 5052112 | 7115874 | 6498469 | |
5364590 | 2389087 | 8717120 | 5195388 | 5692641 | 1024848 | |
8264 | 1713 | 6956 | 5453 | 3851 | 9557 | |
0 | 0 | 0 | 0 | 0 | 0 | |
Enterprise | 17.11% | 179Cr | 9180792 | 9312325 | 4909818 | 4609539 |
Angel | 4.48% | 46.8Cr | 3405 | 9242 | 3054 | 6173 |
0 | 0 | 0 | 0 | 0 | 0 | |
Other People | 0.25% | 2.65Cr | 0 | 0 | 0 | 0 |
ESOP Pool | 11.38% | 119Cr | 2426225 | 8095590 | 1562835 | 8469820 |
Other Investors | 0.21% | 2.2Cr | 0 | 0 | 0 | 0 |
Total | 100.00% | 1,050Cr | 7143410 | 3710567 | 7478279 | 1496545 |
To unlock detailed Cap Table of IDfy Sign up today!Notes: The column Net Worth represents the net worth of investments made by that entity, as per the latest cap table.
DisclaimerView more details of IDfy's Shareholding
IDfy's Investments and acquisitions
IDfy has made no investments or acquisitions yet.
Reports related to IDfy
Here is the latest report on IDfy's sector:
News related to IDfy
Filter this listMedia has covered IDfy for a total of 6 events in the last 1 year, 3 of them have been about company updates and 3 about partnerships.
•
IDfy Completes SOC 2 Type II Attestation, Strengthening Data Security and Operational ExcellenceAsian News International•Feb 28, 2025•IDfy
•
Palawan Group of Companies seals partnership with trusted identity verification platform IDfybusinessmirror.com.ph•Feb 17, 2025•IDfy, Palawan Pay
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DSCI collaborates with Privy to launch PriView, a DPDP-focused privacy notice generatorAsian News International•Dec 23, 2024•IDfy, DSCI
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DSCI collaborates with Privy to launch PriView, a DPDP-focused privacy notice generatorExpress Computer•Dec 16, 2024•DSCI, Privy, IDfy
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Fraud Detection Startup IDfy Unveils Suite To Help Enterprises Comply With DPDP ActInc42•Jul 16, 2024•IDfy
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IndiaMART InterMESH Acquires 10% Stake In Fraud Detection Startup IDfy For INR 90 Crhtsyndication.com•May 30, 2024•IndiaMART, IDfy
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IndiaMART InterMESH Acquires 10% Stake In IDfy For INR 90 CrStartupNews•May 30, 2024•IndiaMART, IDfy, Baldor Technologies Pvt Ltd
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IndiaMART Invests INR 89.7 Crore in IDfy for 10% Minority StakeSMEStreet.in•May 30, 2024•IndiaMART, IDfy
•
Fintech funding in Q4 down over 50% YoY, but up 59% from Q3Indiatimes•Apr 14, 2024•Avanse Financial Services, Perfios, IDfy, Mswipe
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