{{Short description|Indian identity verification company}} {{Infobox company | name = IDfy | type = Private | industry = Identity verification, Anti–money laundering, Risk and fraud, Personal data protection | founded = 2011 | founders = Ashok Hariharan<br>Vineet Jawa | hq_location = Mumbai, India | area_served = India, Indonesia, the Philippines, and the Middle East. | key_people = Paritosh Desai, chief product officer; Wriju Ray, chief business officer; Ashish Sahni, chief technology officer; ; Malcolm Gomes, Chief operating officer; Kaushik Shah, Chief strategy officer | owner = Baldor Technologies | website = {{URL|https://www.idfy.com/}} }}
'''IDfy''' is an Indian identity verification company headquartered in Mumbai, India.<ref>{{Cite web |last=Kumar |first=Gandharv |title=IDfy deploys AI to detect fraud and clear the fog of deceptiveness |url=https://indiaai.gov.in/article/idfy-deploys-ai-to-detect-fraud-and-clear-the-fog-of-deceptiveness |access-date=2024-04-28 |website=INDIAai |language=en}}</ref> It was founded in 2011<ref>{{Cite news |last=Bhakta |first=Pratik |date=2023-07-12 |title=Indian fintech regulatory companies make a mark on global stage |url=https://economictimes.indiatimes.com/tech/technology/indian-fintech-regulatory-companies-make-a-mark-on-global-stage/articleshow/101677034.cms?from=mdr |access-date=2024-04-28 |work=The Economic Times |issn=0013-0389}}</ref> and is operated by Baldor Technologies.<ref name=":0">{{Cite web |title=Background verification firm IDfy bags $3 mn from NEA, others |url=https://www.vccircle.com/exclusive-background-verification-firm-idfy-bags-3-mn-from-nea-others |access-date=2024-04-28 |website=VCCircle |language=en-US}}</ref> The company's operations are spread across Mumbai, Pune, Delhi, and Bangalore.<ref>{{Cite news |last=Majumdar |first=Debleena |date=2024-04-25 |title=₹10,000 is all it takes for a pay hike letter & to cheat a company |url=https://economictimes.indiatimes.com/jobs/c-suite/employee-fraud-risks-are-on-the-rise-leaders-should-be-aware-of-trends-and-corrective-actions/articleshow/109182398.cms?from=mdr |access-date=2024-04-28 |work=The Economic Times |issn=0013-0389}}</ref>
== History == IDfy was founded in 2011 in Mumbai by Ashok Hariharan<ref>{{Cite web |last=Gopani |first=Avi |date=2022-02-15 |title=IDfy CEO Ashok Hariharan reveals how their deep fake recognition tool works |url=https://analyticsindiamag.com/idfy-ceo-ashok-hariharan-reveals-how-their-deep-fake-recognition-tool-works/ |access-date=2024-04-28 |website=Analytics India Magazine |language=en-US}}</ref><ref>{{Cite web |date=2024-03-14 |title=Banks not collecting data protection Act-compliant consent, says IDfy |url=https://www.financialexpress.com/business/banking-finance-banks-not-collecting-data-protection-act-compliant-consent-says-idfy-3424540/ |access-date=2024-04-28 |website=Financialexpress |language=en}}</ref><ref>{{Cite web |title=Paytm crackdown signals more RBI scrutiny on India's banks |url=https://www.deccanherald.com/business/paytm-crackdown-signals-more-rbi-scrutiny-on-indias-banks-2904933 |access-date=2024-04-28 |website=Deccan Herald |language=en}}</ref> and Vineet Jawa with an initial focus on background verification services.<ref>{{Cite web |last=Manchanda |first=Harsh Upadhyay & Kunal |date=2022-10-03 |title=IDfy's operating revenue crosses Rs 50 Cr in FY22, losses soar 2.5X |url=https://entrackr.com/2022/10/idfys-operating-revenue-crosses-rs-50-cr-in-fy22-losses-soar-2-5x/ |access-date=2024-04-28 |website=Entrackr |language=en-US}}</ref> Before this venture, Ashok Hariharan worked at British Telecom, while Vineet Jawa was a co-founder of the fintech firm CredRight.<ref name=":0" /> In 2012, IDfy raised seed funding from Blume Ventures. By August 2015, IDfy had raised up to $3 million from existing investors, including Blume Ventures, Faktory Ventures, NEA, and Japanese e-commerce and investment firm Beenos.<ref name=":0" /><ref>{{Cite web |last=Bhalla |first=Kritti |date=2020-08-27 |title=Exclusive: Online Fraud Detection Platform IDfy Bags $2 Mn From Existing Investors |url=https://inc42.com/buzz/exclusive-online-fraud-detection-platform-idfy-bags-2-mn-from-existing-investors/ |access-date=2024-04-28 |website=Inc42 Media |language=en}}</ref> In June 2020, the company formed a partnership with Visa for video KYC.<ref>{{Cite web |title=IDfy partners Visa for video KYC of credit-card holders |url=https://www.moneycontrol.com/news/business/startup/idfy-partners-visa-for-video-kyc-of-credit-card-holders-5484641.html |archive-url=https://web.archive.org/web/20240504111256/https://www.moneycontrol.com/news/business/startup/idfy-partners-visa-for-video-kyc-of-credit-card-holders-5484641.html |archive-date=2024-05-04 |access-date= |website=Moneycontrol |language=en-US}}</ref> In 2021, the company raised $3 million and later secured $10 million in series D funding.<ref>{{Cite web |last=Staff |first=Entrepreneur |date=2024-03-06 |title=ID Verification Startup IDfy Secures USD 27 Mn from Elev8 Venture and Others |url=https://www.entrepreneur.com/en-in/news-and-trends/id-verification-startup-idfy-secures-usd-27-mn-from-elev8/470707 |access-date=2024-04-28 |website=Entrepreneur |language=en}}</ref><ref>{{Cite news |date=2021-10-21 |title=Verification co IDfy raises ₹86 crore |url=https://timesofindia.indiatimes.com/city/bengaluru/verification-co-idfy-raises-86-crore/articleshow/87192225.cms |access-date=2024-04-28|work=The Times of India |issn=0971-8257}}</ref> In 2023, IDfy partnered with Jio Haptik<ref>{{Cite news |date=2023-05-23 |title=Jio Haptik, B2B platform IDfy tie up for WhatsApp KYC solution |url=https://economictimes.indiatimes.com/tech/technology/jio-haptik-b2b-platform-idfy-tie-up-for-whatsapp-kyc-solution/articleshow/100439673.cms?from=mdr |access-date=2024-04-28|work=The Economic Times |issn=0013-0389}}</ref> and acquired the SaaS platform Salesroom.<ref>{{Cite web |date=2023-06-07 |title=Startup Digest: CredFlow acquires TechBiz, HealthifyMe raises $30M, Byju's launches 3 new AI models and more |url=https://www.cnbctv18.com/startup/startup-digest-credflow-techbiz-healthifyme-revsureai-byjus-reddit-layoffs-16876031.htm/ |access-date=2024-04-28|website=CNBCTV18 |language=en}}</ref>
In 2024, IDfy launched Privy, a governance platform that supports companies fully complying with the DPDP Act.<ref>{{Cite web |title=IDfy launches India's first privacy and compliance suite - Privy |url=https://www.business-standard.com/content/press-releases-ani/idfy-launches-india-s-first-privacy-and-compliance-suite-privy-124072400469_1.html |access-date=2025-06-10 |website=Business Standard}}</ref> The same year, IDfy launched a comic book titled DPDP Dilemma with Consent Chaudhary, which explores scenarios where user consent and data security are compromised due to a lack of awareness about the DPDP Act and negligence towards the content in terms and conditions agreements.<ref>{{Cite web |date=2024-01-17 |title=IDfy introduces comic book on data security |url=https://www.financialexpress.com/business/digital-transformation-idfy-introduces-comic-book-on-data-security-3366850/ |access-date=2024-04-28 |website=Financialexpress |language=en}}</ref> On March 6, 2024, the company secured $27 million in funding through a combination of primary and secondary fundraising rounds.<ref>{{Cite web |last=Mitra |first=Sudeshna |date=2024-03-06 |title=Fraud Detection Startup IDfy Nets $27 Mn For Expansion |url=https://inc42.com/buzz/fraud-detection-startup-idfy-nets-27-mn-for-expansion/ |access-date=2024-04-28|website=Inc42 Media |language=en}}</ref>
As of 2025, IDfy operates in seven countries, including India, Southeast Asia, and the Middle East.<ref>{{Cite web |last=L |first=Krithika K. |date=2024-07-16 |title=Fraud Detection Startup IDfy Unveils Suite To Help Enterprises Comply With DPDP Act |url=https://inc42.com/buzz/fraud-detection-startup-idfy-unveils-suite-to-help-enterprises-comply-with-dpdp-act/ |access-date= |website=Inc42 Media |language=en}}</ref> The company has reported that it runs over 60 million verifications per month.<ref>{{Cite web |last=Upadhyay |first=Harsh |title=ID verification platform IDfy raises $27 Mn in primary and secondary |url=https://entrackr.com/2024/03/id-verification-platform-idfy-raises-27-mn-in-primary-and-secondary/ |access-date= |website=entrackr.com |language=en}}</ref>
== Financial performance == According to Entrackr, in the fiscal year 2023–24 (FY24), IDfy reported revenues of ₹145 crore with a net loss of ₹8.8 crore, while in 2024–25 (FY25), its revenues increased to ₹188.5 crore and it recorded a net profit of ₹7.8 crore.<ref>{{Cite web |last=Afsha Ali |first=Syed |date=2025-07-19 |title=IDfy Revenue FY25 Rises to ₹188 Cr, Turns Profitable |url=https://www.businessoutreach.in/idfy-revenue-fy25-growth-profit/ |access-date= |website=Business Outreach}}</ref> IDfy has raised more than US$50 million in funding from investors including Elev8, TransUnion, Blume Ventures, New Enterprise Associates (NEA), and IndiaMART.<ref>{{Cite web |last=Manchanada |first=Kunal |title=Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability |url=https://entrackr.com/exclusive/exclusive-idfy-posts-rs-188-cr-revenue-in-fy25-while-maintaining-profitability-9512349 |access-date= |website=entrackr.com |language=en}}</ref>
== Awards == In 2016, IDfy was awarded by the World HRD Congress. The company was featured in the National Skills Registry, an initiative of NASSCOM.<ref>{{Cite web |date=2016-06-08 |title=Introduction to IDfy a Start-up in Technology space |url=https://www.thehansindia.com/posts/index/Technology/2016-06-07/Introduction-to-IDfy-a-Start-up-in-Technology-space/233487 |access-date=2024-04-28|website=www.thehansindia.com |language=en}}</ref>
In 2022, IDfy's name was included in the Deloitte Technology Fast 50 India 2022 list. For two consecutive years in 2022 and 2023, the company was ranked among Asia's top five regulatory technology companies.<ref>{{Cite news |title=RegTech – Gaining momentum Driving efficiency in risk and compliance |url=https://www2.deloitte.com/content/dam/Deloitte/in/Documents/risk/in-risk-RegTech-Gaining-momentum-noexp.pdf |work=Deloitte}}</ref>
In 2023, IDfy was featured in Forbes Asia's '100 To Watch' list.
It also received the Fintech Scaleup of the Year’ at IFTA 2021.<ref>{{Cite web |title=IFTA 2024 by India FinTech Forum - check out fintech news, jobs, networking, demos and more |url=https://www.indiafintech.com/ |access-date=2024-04-28|website=India FinTech Forum |language=en-US}}</ref>
== References == {{Reflist}}
== External links ==
* [https://www.idfy.com Official website]
Category:Indian companies established in 2011 Category:Companies based in Mumbai Category:2011 establishments in Maharashtra