IDfy, an identity verification and digital onboarding platform, has raised a $52.5 million (Rs 476 crore) funding round that includes primary and secondary components, the company said in a statement.
This round was led by Neo Asset Management's Neo Secondaries Fund with participation from existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.
The development comes soon after VCCircle exclusively reported that the company is set to raise a new round led by Neo Asset Management.
The proceeds from the fundraise will be used for strategic acquisitions, entry into new international markets and innovation of the product suite.
The statement said that regulatory tailwinds strongly support IDfy, making it a key player in setting up the regulatory technology or reg-tech ecosystem. Its integrated TrustStack platform provides solutions for digital onboarding, risk mitigation and privacy governance.
“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 and chief executive, IDfy.
"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 and chief executive officer, Neo Asset Management.
“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.
IDfy claims to have over 500 enterprise clients across more than 10 sectors and over 500 million checks conducted annually.
The secondary component gave exit to early backers and team members.
Hariharan did not share details about the investors who have exited.