IDfy Secures $25M to Expand Trust Stack

IDfy has closed a Rs 220 crore (approximately $25 million) Series F round, with Neo Asset Management taking the lead as the company accelerates its next phase of growth.

Corporate filings indicate the startup cleared the allotment of 24,39,850 compulsorily convertible preference shares priced at Rs 901.7 each. Besides Neo, the round saw participation from Blume Ventures, Emerald Lush, Elev8, IndiaMART and Kael.

The transaction pegs the company’s post-money value near Rs 2,420 crore ($272 million) based on industry estimates. IDfy has not publicly commented on the development.

Launched in 2011 by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, the firm provides identity authentication and fraud-risk intelligence to help organisations verify users and counterparties with speed and confidence.

Headquartered in Mumbai, IDfy works with more than 1,500 businesses across banking and financial services, online commerce, gaming, consumer brands and large enterprises. Its operations extend beyond India into Southeast Asia and the Middle East.

The company’s financial trajectory has strengthened alongside adoption. Operating revenue rose to Rs 186 crore in FY25, reflecting a 28.3% increase over the previous year. It also posted a profit of Rs 1.6 crore, its first move into the black.

The newly raised funds are expected to support market expansion, deepen product capabilities and reinforce the balance sheet as enterprises step up investments in digital trust and compliant onboarding frameworks.