IDfy has raised Rs 476 crore (approximately $53 million) in a Series F funding round comprising a mix of primary and secondary transactions. The round was spearheaded by Neo Asset Management through its Neo Secondaries Fund, with participation from existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.
According to filings with the Ministry of Corporate Affairs (MCA), Rs 220 crore of the total amount constitutes primary capital infusion, while the remaining portion represents secondary transactions. The filings further indicate that approximately Rs 189 crore was invested by Neo Asset Management through multiple funds, Rs 11 crore each came from IndiaMART and Analog Capital, Rs 5 crore was contributed by Elev8, and Rs 1.7 crore by Kae Capital.
The primary proceeds will be deployed toward strategic acquisitions, entry into new international markets, and continued enhancement of the company’s product portfolio. The secondary component is intended to provide liquidity to early investors and employees. IDfy had last raised around $17 million in 2024 from IndiaMART, Elev8, and others.
Established in 2011, IDfy operates an integrated TrustStack platform that spans digital onboarding, risk mitigation, fraud detection, and privacy governance. The company works closely with banks, non-banking financial companies (NBFCs), and other enterprises, offering a technology stack that supports customer onboarding, fraud prevention, regulatory compliance, and data privacy services for financial services institutions.
IDfy currently serves over 500 enterprise clients across more than 10 sectors and conducts upwards of 500 million verification checks annually. The company has a presence across seven countries, including India, Southeast Asia, and the Middle East.
The latest round comes amid growing global demand for identity verification, fraud detection, and privacy compliance solutions, driven by increasing digital transactions and evolving regulatory frameworks. In India, the implementation of the Digital Personal Data Protection Act and higher allocations toward digital infrastructure have further accelerated growth within the regtech ecosystem.
Financially, the company reported operating revenue of Rs 186 crore in FY25, up from Rs 145 crore in FY24. It also posted a net profit of Rs 1.6 crore during the fiscal year, compared to a loss in the previous year.
 in a Series F funding round comprising a mix of primary and secondary...){kind=link}