Digital trust platform IDfy raises Rs 476 Cr in funding round led by Neo Asset Management

IDfy has raised Rs 476 crore in a funding round led by Neo Asset Management, as the digital trust and identity verification platform looks to expand globally and deepen its product offerings.

The round, which had both primary and secondary capital, also saw continued participation from existing investors including Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.

The proceeds will be used to pursue strategic acquisitions, enter new international markets, and enhance product suite, the Mumbai-based company said in a statement.

“This secondary component provides an exit for our early backers and team members who believed in our vision when trust infrastructure wasn’t yet a category,” said Ashok Hariharan, Co-founder and Chief Executive Officer of IDfy.

IDfy operates an integrated “TrustStack” platform spanning digital onboarding, risk mitigation, and privacy governance. The company said it serves more than 500 enterprise clients across over 10 sectors and conducts more than 500 million checks annually.

“Digital economies run on trust; the moment it breaks, adoption stops. IDfy pioneered digital verification infrastructure and is now building a global privacy and trust stack that prevents fraud at scale and adapts to new-age risks,” said Hariharan.

The funding comes as India’s regulatory landscape evolves following the enforcement of the Digital Personal Data Protection (DPDP) Act, rolled out in 2023, alongside a five-fold increase in related budgetary allocation in the latest Union Budget, the company said.

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“IDfy has built something rare: three distinct yet complementary platforms, onboarding, risk, and privacy, that typically require enterprises to work with multiple vendors, and they’ve achieved this profitably at scale,” said Nitin Agarwal, Head of Private Equity at Neo Asset Management.

“Their platform-first approach and proven unit economics provide them with a clear competitive advantage in consolidating what remains a highly fragmented global market,” he added.

Hemant Daga, Co-Founder and Chief Executive Officer of Neo Asset Management, said the investment reflects confidence in the company’s execution.

“Ashok has built IDfy into a scalable, enterprise-grade business that reflects his clarity of vision and execution, positioning IDfy to become the trust layer for the next billion digital users,” said Daga.

Edited by Swetha Kannan

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