Mumbai, India Feb 13: In a world where digital interaction is exploding, so is the threat of fraud. With global fraud losses soaring past $ 1 trillion annually, the need for a trusted & secure privacy-first digital world has never been more critical. Answering this call to action, IDfy, the pioneering TrustStack platform, today announced a INR 476 Cr funding round, including primary and secondary, to fortify its mission to build the foundational layer of trust for the modern economy and supercharge its global expansion.
This significant investment, led by Neo Asset Management with continued support from existing partners at Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital, will fuel IDfy’s strategic acquisitions, its entry into new international markets, and the continuous innovation of its product suite.
This investment aligns with a significant inflection point in India’s data privacy journey, marked by the recent enforcement of the DPDP Act which was rolled out in 2023. This is coupled with a 5x increase in budgetary allocation in the latest Union Budget. These regulatory tailwinds strongly position IDfy as a category leader and one of the key drivers in setting up the Reg-Tech ecosystem.
IDfy is changing the game. For too long, businesses have been forced to navigate a complex and fragmented landscape of point solutions to manage identity verification, risk, and compliance. But now, IDfy’s integrated TrustStack platform provides a single, powerful solution for Digital Onboarding, Risk Mitigation and Privacy Governance.
This unified approach not only simplifies operations for enterprises but also enhances security and creates a frictionless user experience. With over 500+ enterprise clients across more than 10 sectors and 500+ million checks conducted annually, IDfy has proven its ability to solve trust and safety challenges at a massive scale.
“Digital economies run on trust, the moment it breaks, adoption stops. IDfy pioneered digital verification infrastructure and is now building a global privacy and trust stack that prevents fraud at scale and adapts to new-age risks.” said Ashok Hariharan, Co-founder & CEO of IDfy. “This funding will accelerate our mission to build the digital infrastructure for trust for billions of people around the world.”
The funding round is a testament to the confidence of investors in IDfy’s unique and powerful approach.
“Ashok has built IDfy into a scalable, enterprise-grade business that reflects his clarity of vision and execution, positioning IDfy to become the trust layer for the next billion digital users.” said Hemant Daga, Co-Founder & CEO, Neo Asset Management. “At Neo Asset Management, we are driving India’s digital future by enabling founders to build the backbone of our economy. We remain committed to empowering entrepreneurs shaping the nation’s infrastructure in an evolving private equity landscape.”
“IDfy has built something rare: three distinct yet complementary platforms – onboarding, risk, and privacy that typically require enterprises to work with multiple vendors, and they’ve achieved this profitably at scale,” said Nitin Agarwal, Head – Private Equity, Neo Asset Management. “Their platform-first approach and proven unit economics provide them with a clear competitive advantage in consolidating what remains a highly fragmented global market.”
A Commitment to the Team
In a move that reflects its deep appreciation for those who built the company from the ground up, the funding round also includes a secondary component. This provides a meaningful exit for early backers and team members who championed IDfy’s vision from its inception. “This secondary component provides an exit for our early backers and team members who believed in our vision when trust infrastructure wasn’t yet a category,” said Hariharan. “We’re grateful to both our existing and new investors for supporting this next chapter.” With this new infusion of capital, IDfy is poised to accelerate its journey to becoming the global standard for digital trust, ensuring that the future of the digital economy is built on a foundation of security, integrity, privacy and confidence.
