IDfy is an Indian identity verification company headquartered in Mumbai, India.[1] It was founded in 2011[2] and is operated by Baldor Technologies.[3] The company's operations are spread across Mumbai, Pune, Delhi, and Bangalore.[4]
| Company type | Private |
|---|---|
| Industry | KYC, Employee Background Screening |
| Founded | 2011 |
| Founders | Ashok Hariharan Vineet Jawa |
| Headquarters | Mumbai, India |
Area served | India |
Key people | Paritosh Desai, chief product officer; Wriju Ray, chief business officer; Ashish Sahni, chief technology officer |
| Owner | Baldor Technologies |
History
editIDfy was founded in 2011 in Mumbai by Ashok Hariharan[5][6][7] and Vineet Jawa.[8] Before this venture, Ashok Hariharan worked at British Telecom, while Vineet Jawa was a co-founder of the fintech firm CredRight.[3] In 2012, IDfy raised seed funding from Blume Ventures. By August 2015, IDfy had raised up to $3 million from existing investors, including Blume Ventures, Faktory Ventures, NEA, and Japanese e-commerce and investment firm Beenos.[3][9] In 2021, the company raised $3 million and later secured $10 million in series D funding.[10][11] In 2023, IDfy partnered with Jio Haptik[12] and acquired the SaaS platform Salesroom.[13]
In 2024, IDfy launched a comic book titled DPDP Dilemma with Consent Chaudhary, which explores scenarios where user consent and data security are compromised due to a lack of awareness about the DPDP Act and negligence towards the content in terms and conditions agreements.[14] On March 6, 2024, the company secured $27 million in funding through a combination of primary and secondary fundraising rounds.[15]
Awards
editIn 2016, IDfy was awarded by the World HRD Congress. The company was featured in the National Skills Registry, an initiative of NASSCOM.[16]
In 2022, IDfy's name was included in the Deloitte Technology Fast 50 India 2022 list. For two consecutive years in 2022 and 2023, the company was ranked among Asia's top five regulatory technology companies.[17]
In 2023, IDfy was featured in Forbes Asia's '100 To Watch' list.
It also received the Fintech Scaleup of the Year’ at IFTA 2021.[18]
References
edit- ^ Kumar, Gandharv. "IDfy deploys AI to detect fraud and clear the fog of deceptiveness". INDIAai. Retrieved 2024-04-28.
- ^ Bhakta, Pratik (2023-07-12). "Indian fintech regulatory companies make a mark on global stage". The Economic Times. ISSN 0013-0389. Retrieved 2024-04-28.
- ^ a b c "Background verification firm IDfy bags $3 mn from NEA, others". VCCircle. Retrieved 2024-04-28.
- ^ Majumdar, Debleena (2024-04-25). "₹10,000 is all it takes for a pay hike letter & to cheat a company". The Economic Times. ISSN 0013-0389. Retrieved 2024-04-28.
- ^ Gopani, Avi (2022-02-15). "IDfy CEO Ashok Hariharan reveals how their deep fake recognition tool works". Analytics India Magazine. Retrieved 2024-04-28.
- ^ "Banks not collecting data protection Act-compliant consent, says IDfy". Financialexpress. 2024-03-14. Retrieved 2024-04-28.
- ^ "Paytm crackdown signals more RBI scrutiny on India's banks". Deccan Herald. Retrieved 2024-04-28.
- ^ Manchanda, Harsh Upadhyay & Kunal (2022-10-03). "IDfy's operating revenue crosses Rs 50 Cr in FY22, losses soar 2.5X". Entrackr. Retrieved 2024-04-28.
- ^ Bhalla, Kritti (2020-08-27). "Exclusive: Online Fraud Detection Platform IDfy Bags $2 Mn From Existing Investors". Inc42 Media. Retrieved 2024-04-28.
- ^ Staff, Entrepreneur (2024-03-06). "ID Verification Startup IDfy Secures USD 27 Mn from Elev8 Venture and Others". Entrepreneur. Retrieved 2024-04-28.
- ^ "Verification co IDfy raises ₹86 crore". The Times of India. 2021-10-21. ISSN 0971-8257. Retrieved 2024-04-28.
- ^ "Jio Haptik, B2B platform IDfy tie up for WhatsApp KYC solution". The Economic Times. 2023-05-23. ISSN 0013-0389. Retrieved 2024-04-28.
- ^ "Startup Digest: CredFlow acquires TechBiz, HealthifyMe raises $30M, Byju's launches 3 new AI models and more". CNBCTV18. 2023-06-07. Retrieved 2024-04-28.
- ^ "IDfy introduces comic book on data security". Financialexpress. 2024-01-17. Retrieved 2024-04-28.
- ^ Mitra, Sudeshna (2024-03-06). "Fraud Detection Startup IDfy Nets $27 Mn For Expansion". Inc42 Media. Retrieved 2024-04-28.
- ^ "Introduction to IDfy a Start-up in Technology space". www.thehansindia.com. 2016-06-08. Retrieved 2024-04-28.
- ^ "RegTech – Gaining momentum Driving efficiency in risk and compliance" (PDF). Deloitte.
- ^ "IFTA 2024 by India FinTech Forum - check out fintech news, jobs, networking, demos and more". India FinTech Forum. Retrieved 2024-04-28.