Identity Authentication Software Provider AuthBridge Garners $7 Million From Phi Capital
AuthBridge, a provider of identity authentication software, has garnered USD 7 million (about INR 52.6 crore) from Delhi-based Phi Capital.
According to a statement, the series B funding would be directed through Phi Capital Growth Fund (PCGF)-1.
The funds raised will be used to invest in technology, strengthen its employees, and create new product lines to provide more value to its customers, according to the company.
The latest round of funding comes on the heels of AuthBridge's series A round (of an unknown amount) from Infinity Alternatives in October. The Gurugram-based firm provides technology that allows consumers, workers, vendors, and other stakeholders to be verified, onboarded, and managed through end-to-end digital platforms.
Currently, the firm serves over 1,500 clients from more than 30 industries, including Fortune 500 corporations and Indian unicorns (companies with over USD 1 billion valuation). Fintelle, a new-age financial intelligence brand created by AuthBridge, encompasses KYC, Risk Intelligence, and other digital journeys for the financial services business.
Ajay Trehan, the founder and CEO of AuthBridge, stated, “with Phi Capital onboard, we further strengthen our investor portfolio and fuel up to grow faster with a solid capital pool and years of shared business knowledge. This investment is a testament to our efforts in paving the road for the authentication ecosystem in India”.
He stated that the funds raised will be used to scale technology innovation, hire top people, and introduce new products that will offer value to clients.
Phi Capital's founder and managing partner, Anupam Thareja, stated, “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. We are confident AuthBridge is going to play a pivotal role in setting standards for a great digital user/employee experience in a post-pandemic era”.
Krsnaa Diagnostics, Arya Vaidya Pharmacy, Classic Legends (parent business of Jawa Motorcycles), Arya Vaidya Pharmacy and Minda Corporation Limited have all received large investments from Phi Capital Growth Fund (PCGF)-1 (MCL).
According to a statement, the series B funding would be directed through Phi Capital Growth Fund (PCGF)-1.
The funds raised will be used to invest in technology, strengthen its employees, and create new product lines to provide more value to its customers, according to the company.
The latest round of funding comes on the heels of AuthBridge's series A round (of an unknown amount) from Infinity Alternatives in October. The Gurugram-based firm provides technology that allows consumers, workers, vendors, and other stakeholders to be verified, onboarded, and managed through end-to-end digital platforms.
Currently, the firm serves over 1,500 clients from more than 30 industries, including Fortune 500 corporations and Indian unicorns (companies with over USD 1 billion valuation). Fintelle, a new-age financial intelligence brand created by AuthBridge, encompasses KYC, Risk Intelligence, and other digital journeys for the financial services business.
Ajay Trehan, the founder and CEO of AuthBridge, stated, “with Phi Capital onboard, we further strengthen our investor portfolio and fuel up to grow faster with a solid capital pool and years of shared business knowledge. This investment is a testament to our efforts in paving the road for the authentication ecosystem in India”.
He stated that the funds raised will be used to scale technology innovation, hire top people, and introduce new products that will offer value to clients.
Phi Capital's founder and managing partner, Anupam Thareja, stated, “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. We are confident AuthBridge is going to play a pivotal role in setting standards for a great digital user/employee experience in a post-pandemic era”.
Krsnaa Diagnostics, Arya Vaidya Pharmacy, Classic Legends (parent business of Jawa Motorcycles), Arya Vaidya Pharmacy and Minda Corporation Limited have all received large investments from Phi Capital Growth Fund (PCGF)-1 (MCL).
