IDfy has raised Rs 476 crore (approximately $52 million) in a funding round led by Neo Asset Management’s Neo Secondaries Fund, with participation from existing investors including Blume Ventures, Analog Capital, and Elev8 Venture Partners, among others.
According to regulatory filings with the Ministry of Corporate Affairs, the round comprised a primary capital infusion of about Rs 220 crore, alongside secondary transactions that provided partial liquidity to early investors and employees.
IDfy operates in the regulatory technology (regtech) space, offering digital onboarding, identity verification, fraud detection, and compliance solutions to enterprises. Its integrated platform serves over 500 enterprise clients across sectors including BFSI, ecommerce, and FinTech, conducting hundreds of millions of verifications checks annually across India and international markets.
The company plans to deploy the fresh capital toward international expansion, strengthening product innovation, and pursuing strategic acquisitions. The fundraise comes at a time when regulatory scrutiny around data privacy, fraud prevention, and digital trust infrastructure is intensifying globally.
Ashok Hariharan, Co-founder and CEO, IDfy, said the investment will accelerate IDfy’s mission to build global digital trust infrastructure. Hemant Daga of Neo Asset Management noted that IDfy is positioned as a critical trust layer supporting the rapidly expanding base of digital users and enterprises.
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