IDfy Secures $53M Series F Funding Led by Neo Asset Management for Global Expansion

IDfy, a leading Indian regtech platform specializing in identity verification, has raised approximately $53 million (₹476 crore) in its Series F funding round.

The round, comprising both primary and secondary transactions, was led by Neo Asset Management's Neo Secondaries Fund, with participation from existing investors including Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital.

Company Background and Growth

Founded in 2011 in Mumbai, IDfy provides an integrated TrustStack platform for digital onboarding, fraud detection, risk mitigation, and privacy governance.

The company serves over 500 enterprise clients across more than 10 sectors and conducts over 500 million verification checks annually.

With operations spanning seven countries including India, Southeast Asia, and the Middle East, 18% of its revenue comes from international markets.

Impressive Financial Performance

In FY25, IDfy reported operating revenue of ₹186 crore, up from ₹145 crore in FY24, and achieved a net profit of ₹1.6 crore after previous losses.

The firm is now profitable and cashflow positive, highlighting its strong market position amid rising digital transaction volumes.

Future Plans and Market Impact

Primary funds will fuel strategic acquisitions, entry into new international markets, and product enhancements to meet evolving regulatory demands like India's DPDP Act.

The secondary portion offers liquidity to early investors and employees, marking over $120 million in total funding raised by IDfy to date.

CEO Ashok Hariharan emphasized the company's self-sustaining model, positioning IDfy as a key player in the booming global regtech ecosystem.