Digital trust and verification platform IDfy has secured ₹476 crore in a funding round led by Neo Asset Management. Digital trust and verification platform IDfy has raised ₹476 crore in a funding round led by Neo Asset Management’s Neo Secondaries Fund.
The round includes a mix of primary and secondary capital, with participation from existing backers including Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.
“Digital economies run on trust, the moment it breaks, adoption stops. This funding will accelerate our mission to build the digital infrastructure for trust for billions of people around the world,” said Ashok Hariharan, Co-founder & CEO of IDfy.
The fresh capital will be allocated toward acquisitions, entry into new international markets, and product development.
The fundraise comes at a time when digital fraud is escalating globally, with annual losses estimated to exceed $1 trillion.
“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.
In India, the enforcement of the Digital Personal Data Protection (DPDP) Act, rolled out in 2023, along with a five-fold increase in budgetary allocation in the latest Union Budget, has increased focus on privacy and regulatory compliance.
Founded as a digital verification company, IDfy combines digital onboarding, risk mitigation, and privacy governance into a single solution.
The firm currently serves more than 500 enterprise clients across over 10 sectors and claims to conduct over 500 million checks annually.
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