Indian online identity verification firm IDfy, a RegTech platform specialising in digital trust, compliance and fraud prevention, has secured fresh capital as it looks to scale both at home and overseas.
The company raised 476 crore rupees, equivalent to $53m, in a series F funding round comprising a mix of primary and secondary transactions, said Tech in Asia.
The round was led by Neo Asset Management’s Neo Secondaries Fund, with participation from existing backers Blume Ventures, Analog Capital, Elev8, IndiaMART and Kae Capital.
Founded in 2011, IDfy provides a suite of digital verification and risk management solutions designed to help enterprises onboard customers securely and meet compliance obligations. Its offerings span digital onboarding, background verification, fraud detection and broader risk mitigation tools.
The platform supports more than 500 enterprise clients across over 10 sectors, operating in seven countries. By combining data science, artificial intelligence and workflow automation, IDfy aims to help businesses reduce fraud, streamline compliance and improve customer experience in an increasingly digital economy.
The primary capital from the latest raise will be directed towards acquisitions, international expansion and further product development. The company is seeking to deepen its technological capabilities while expanding into new markets, as demand for identity verification and compliance tools continues to grow amid tightening regulatory scrutiny and rising fraud risks.
The secondary component of the transaction provides liquidity to early investors and employees, enabling them to partially exit while maintaining the company’s growth trajectory.
The funding marks another milestone in IDfy’s growth story as the RegTech sector in India continues to attract significant investor interest. With digital transactions rising and regulatory requirements becoming more complex, platforms that can combine compliance with operational efficiency are increasingly seen as critical infrastructure for financial institutions, marketplaces and other digital businesses.
IDfy has now raised more than $120m to date. This includes a previous $27m round involving Elev8, KB Investment and Tenacity, which helped the firm strengthen its product stack and expand its enterprise footprint.
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