Identity verification startup IDfy aims to cross Rs 200 crore in revenue by the end of FY25. The Mumbai-based startup registered Rs 145 crore in revenue from operations in FY24 against Rs 108 crore in FY23 and Rs 56 crore in FY22. The growth will be driven by expanding its presence across Southeast Asia, including Indonesia, the Philippines and the Middle East.
“Large developing economies present challenges similar to what India faced in the last decade,” Ashok Hariharan, CEO and co-founder, IDfy told Fe. The startup believes that the technology platform it has built in India can be used to scale to large countries in Southeast Asia, Africa and South America over the next few years as these countries have a similar regulatory framework as India.
Founded in 2011 by Hariharan and Vineet Jawa, IDfy enables businesses to meet regulatory compliance requirements, detect fraud, verify identities, mitigate risks, do background checks and automate KYC, employee and merchant onboarding. The startup claims to have a set of 140 AI/ML (artificial intelligence/machine learning) based APIs that can automate the onboarding and fraud detection for its customers.
Data protection Act rules for consultation by month end
Govt envisages Rs 9.15 lakh crore investments in power transmission by 2032
India-US semiconductor partnership breaks ground on National Security and Technology front
AI priority raises concerns over energy consumption: Report
The startup raised $45 million in a Series E funding round in January this year, in a mix of primary and secondary fundraise, led by Analog Ventures, Elev8, Tenacity Ventures, IndiaMart and KB Investment. The capital is being deployed to expand its product offerings in the data protection and identity verification space and to fuel its expansion plans. In October 2021, the startup raised $11.5 million in a Series D round led by TransUnion and Blume Ventures. On future funding plans, Hariharan said, “While we do not require funding to sustain our operations, we are open to exploring fundraise to facilitate inorganic growth opportunities”.
IDfy also plans to assist organisations with their Digital Personal Data Protection Act (DPDPA) compliance pathway through its consent governance platform, Privy, that is designed for its customers to get compliant with the regulation. The B2B (business-to-business) startup currently claims to manage over 60 million verifications every month across 1,500 clients in sectors such as BFSI, FMCG, e-commerce and gaming. Some of its notable clients include HDFC Bank, Amazon, AxisBank, Zomato, PhonePe, Paytm, Hindustan Unilever Ltd and American Express.
The company turned profitable in FY23 with Rs 4 crore profit compared to Rs 18 crore loss in FY22. It expects to stay profitable over the coming years.
From: financialexpress
Financial News
