IDfy, Integrated Identity Platform Raises $27 Mn From Primary & Secondary Fundraising

IDfy, an Integrated Identity Platform, has raised USD 27 million in a mix of primary and secondary fundraising from Elev8, KB Investment, and Tenacity Ventures.

With this fundraiser, IDfy further strengthens its position as one of the leading integrated identity platforms in Asia and for further expansion across the continent.

IDfy is an Integrated Identity Platform offering products and solutions for know your Customer (KYC), know your business (KYB), employee background verifications, risk and fraud mitigation, digital onboarding and Digital Privacy.

Ashok Hariharan, co-founder and chief executive officer, IDfy said, "Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses."

Elev8 Venture Partners is a USD 200 million maiden growth stage fund anchored by South Korea's KB Investment. The fund invests in high-growth Indian startups with the potential to scale globally. Elev8 focuses on sectors including B2B SaaS, enterprise tech, consumer tech, fintech, and healthcare tech.

Navin Honagudi, managing partner, Elev8 Venture Partners said, "IDfy’s innovative technology, experienced leadership team and strong market fit position it for remarkable growth. We are confident that IDfy will play a crucial role in shaping the future of risk management in India and beyond."

Tenacity Ventures is a growth-stage investment fund with a focus on technology product businesses with strong product market fit, customer delight and emergent moats. Tenacity is focused on Indian companies looking to create category leadership in global markets.

Rohit Razdan, Managing Director, Tenacity Ventures said, “We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth.”