IDfy, the identity verification company has raised $27 million in both primary and secondary funding from Elev8, KB Investment and Tenacity Ventures.

The company said in a press release that this new funding will further strengthen IDfy’s position as Asia’s leading integrated identity platform and is on the verge of additional expansion across the continent.

IDfy is a technology company founded by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala to develop products and solutions that accurately identify individuals. It also helps businesses to avoid fraud and engage with verified entities that are the least frictional.

Organizations are using its AI platform to streamline and automate their Know Your Customer, employee or merchant onboarding. IDfy claims to serve more than 1,500 clients in a variety of sectors, such as BFSI, FMCG, online shopping, gaming, shared economy and conglomerates. In India, South East Asia and the Middle East it has a network of clients and partners. Amazon, Airbnb, HDFC Bank, Dream11, and Visa are among the companies listed.

On this regard, Hariharan, CEO, IDfy says, “Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust. The funds will fuel expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses. I have enjoyed working with Rohit and Gaurav from Tenacity as well as the team from Elev8 and appreciate their hands-on approach to strategy and problem-solving”.

Previously, the Mumbai based start-up raised $11.5 million in its Series D round led by TransUnion and Blume Ventures in 2021.In comparison to the loss of 18 crores in the previous year, the company turned profitable in the financial year 23 with a profit of 4 crores. In the market, the strtup competes with SpringVerify, AuthBridge, Digio and Perfios-owned Karza.