Founders: Ashok Hariharan and Vineet Jawa
Financing status: USD 3 million
Mumbai-based background identification and human resources analytics firm IDfy has landed USD 3 million in a fresh funding round led by New Enterprise Associates (NEA). The recent funding round marks the second with participation from NEA, which invested a similar amount in August 2015. The round also saw participation from NB Ventures and Tokyo-based Dream Incubator.
Aiming to reduce the risks associated with transactions and interactions, IDfy helps businesses and individuals identify and authenticate online profiles instantly. It also detects fraud and evaluates eligibility for credit and other considerations. Predictive analytics yield data in the form of background verifications, customer insights, and end-to-end HR intelligence. When evaluating a profile, IDfy verifies a host of information including identification number, work experience, educational qualifications, addresses, and additional references.
IDfy’s clients span a range of industries and sectors, most notably financial services, human resources, and the sharing economy. For each industry, IDfy claims to follow a specific and thorough evaluation protocol. High-profile clients include Uber, Vodafone, Big Basket, Mahindra, and more.
According to IDfy’s website, it has evaluated more than 360,000 entities and busted more than 37,000 fraudulent organizations or profiles. It reportedly checks more than 1,400 each day. Though based out of Mumbai, IDfy also operates within the Indian cities of Delhi, Bangalore, and Chennai. Its website states that the company is witnessing a 30% month-on-month growth.
IDfy is operated by Baldor Technologies Pvt Ltd and was founded in 2011 by experienced entrepreneurs Ashok Hariharan and Vineet Jawa. Both hold MBAs from the Indian School of Business and both previously co-founded web development and digital marketing service provider Gaboli.
(Top image from Pixabay.com)