Gurugram-based identity and background verification company AuthBridge Research Services Private Limited has raised $7 million (around Rs 52 crore) in a Series B funding round from private equity (PE) firm Phi Capital. The latest investment in AuthBridge is through Phi Capital Growth Fund (PCGF)-1, the company said in a statement.
The funds raised will be utilised to invest in technology, strengthen the workforce, and launch new product lines, it said in a statement. In October, AuthBridge raised a series A investment from Infinity Alternatives.
Founded in 2005 by Ajay Trehan, AuthBridge is an identity and background verification company. The company has over 1500 clients across 30 sectors. It was recognised by the National Association of Software and Service Companies (NASSCOM) as the top innovator in artificial intelligence (AI) for enabling a contactless world in August, according to the statement.
In 2018, AuthBridge acquired Bengaluru-based Footprints Collateral Services Pvt. Ltd.
"This investment is a testament to our efforts in paving the road for the authentication ecosystem in India. The capital raised will go towards scaling technology innovation, hiring top talent, and launching new products to add value to our clients,” said Trehan.
“Phi Capital is thrilled to join the journey of AuthBridge, a home-grown company that is solving the challenges in background verification, KYC and fraud detection while building data and AI-led solutions for risk mitigation," said Anupam Thareja, Founder and Managing Partner, Phi Capital.
Founded in 2008, Delhi-based Phi Capital has invested in Arya Vaidya Pharmacy, Classic Legends (Parent Company of Jawa Motorcycles), Krsnaa Diagnostics, and Minda Corporation Limited (MCL)through the capital growth fund. According to the statement, it has invested in companies like Mahindra First Choice Wheels Ltd, and TVS Credit through earlier vehicles.
In 2019, Krsnaa Diagnostics raised Rs 80 crore ($11.3 million) in funding from new investor Phi Capital.