Growth-stage venture capital firm Elev8 Venture Partners, which is investing from its $200-million maiden fund anchored by South Korea's KB Investment, has led an investment of $27 million (Rs 224 crore) in Baldor Technologies Pvt Ltd, which operates IDfy, an integrated identity platform. This is Elev8’s first investment.
KB Investment and Tenacity Ventures also participated in the funding round.
IDfy, founded in 2011 by Ashok Hariharan and Vineet Jawa, operates in the risk management space. The company plans to use the funds for further expansion in India and abroad.
"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," said Ashok Hariharan, co-founder and CEO, IDfy.
It claims that its AI-driven technology platform empowers businesses to eliminate fraud at its source, serving over 1,500 clients across diverse sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates. It also claims that it runs over 60 million verifications every month. Its clients include HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, HUL, American Express, etc.
"The company'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," said Navin Honagudi, managing partner of Elev8 Venture Partners.
“We believe that trust platforms from India will scale internationally and IDfy can compound meaningfully with these global tailwinds,” added Mr Rohit Razdan, managing director, Tenacity Ventures.
Elev8, which made its first close in September 2023 at $67 million, invests in high-growth Indian startups with the potential to scale globally. It focuses on sectors including B2B SaaS, enterprise tech, consumer technology, fintech, and healthtech.
Prior to this, Idfy had raised around $20 million across multiple funding rounds from Blume Ventures, NB Ventures, Dream Incubator Inc, and a few angel investors.
