Online Fraud Detection Technology IDfy Eyes to Raises INR 86 Crore Led by Blume Ventures & Others
IDfy, a Mumbai-based online fraud detection technology, is seeking INR 86 crore (about $11 million) in a new round of funding. Baldor Technologies Pvt Ltd, IDfy's parent company, would allot a total of 792,011 Series D2 Compulsory Convertible Preference Shares (CCPS) for INR 86.2 core.
TransUnion International, a worldwide information and analytics firm with over 30 years of experience, will get up to 688705 Series D2 CCPS for INR 74.9 crore from IDfy. IDfy will also issue 103,306 Series D2 CCPS to early-stage investor Blume Ventures for INR 11.2 crore through its Blume Fund 1X in the new transaction.
In its Series D round, led by Blume Ventures and TransUnion, the startup has confirmed an investment of INR 86 crore. The funds raised will be used to improve product offerings and expand the company's operations.
Baldor Technologies Private Limited proposed allocating 2, 50,270 Series A CCDs with a face value of INR 640 for a total subscription cost of up to INR 16,01,70,800 earlier this year.
Millenna FVCI III had invested almost INR 14.89 Cr ($2.01 Million) of the total capital raised at the time. Dream Incubator had put INR 74 lakh into the company, and NB Ventures had put INR 37.24 lakh in.
On a diluted basis, Millenna FVCI III owned 34.15% of IDfy, while NB Ventures and Dream Incubator held 5.43 %and 5.55%, respectively.
IDfy claims to help people and businesses develop authentic relationships by assuring that both parties are who they represent they are and can be trusted. It was founded in 2011 by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala. IDfy claims that its solutions accurately identify entities and authenticate their credentials, detecting and preventing fraud at the source.
To far, IDfy claims to have validated over 45 million clients, over 8 million workers, about 9 million partners, and 13 million users. The company also claimed to have validated over 10 million bank account holders and assisted over 500 thousand retailers with on-boarding.
According to the 10-year-old organisation, customers, merchants, service partners, and workers are all safely on-boarded. IDfy's solutions assist over 500 companies from a variety of industries, including banking and financial services, e-commerce, telecom, healthcare, peer-to-peer communities, gaming, and logistics.
TransUnion International, a worldwide information and analytics firm with over 30 years of experience, will get up to 688705 Series D2 CCPS for INR 74.9 crore from IDfy. IDfy will also issue 103,306 Series D2 CCPS to early-stage investor Blume Ventures for INR 11.2 crore through its Blume Fund 1X in the new transaction.
In its Series D round, led by Blume Ventures and TransUnion, the startup has confirmed an investment of INR 86 crore. The funds raised will be used to improve product offerings and expand the company's operations.
Baldor Technologies Private Limited proposed allocating 2, 50,270 Series A CCDs with a face value of INR 640 for a total subscription cost of up to INR 16,01,70,800 earlier this year.
Millenna FVCI III had invested almost INR 14.89 Cr ($2.01 Million) of the total capital raised at the time. Dream Incubator had put INR 74 lakh into the company, and NB Ventures had put INR 37.24 lakh in.
On a diluted basis, Millenna FVCI III owned 34.15% of IDfy, while NB Ventures and Dream Incubator held 5.43 %and 5.55%, respectively.
IDfy claims to help people and businesses develop authentic relationships by assuring that both parties are who they represent they are and can be trusted. It was founded in 2011 by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala. IDfy claims that its solutions accurately identify entities and authenticate their credentials, detecting and preventing fraud at the source.
To far, IDfy claims to have validated over 45 million clients, over 8 million workers, about 9 million partners, and 13 million users. The company also claimed to have validated over 10 million bank account holders and assisted over 500 thousand retailers with on-boarding.
According to the 10-year-old organisation, customers, merchants, service partners, and workers are all safely on-boarded. IDfy's solutions assist over 500 companies from a variety of industries, including banking and financial services, e-commerce, telecom, healthcare, peer-to-peer communities, gaming, and logistics.
