Mumbai-based online fraud detection platform IDfy is looking to raise INR 86 Cr (approx $11 mn) in a fresh round of funding. According to the recent filings accessed by Inc42, Baldor Technologies Pvt Ltd, the parent company of IDfy, will be allotting a total of 792,011 Series D2 Compulsory Convertible Preference Shares (CCPS) for INR 86.2 Cr.
As per the filing, IDfy will be allotting upto 688705 Series D2 CCPS for INR 74.9 Cr to TransUnion International, a global information and insights company that is operating for over 30 years. IDfy in the fresh round will also be allotting 103,306 Series D2 CCPS to early age investor – Blume Ventures for INR 11.2 Cr through its Blume Fund 1X.
IDfy refused to comment on the development.
Earlier last year, Inc42 had exclusively reported that Baldor Technologies Private Limited is proposing to allocate 2,50,270 Series A CCD of a face value of INR 640 for a total aggregate subscription amount of up to INR 16,01,70,800.
Back then, of the total capital raised, Millenna FVCI III had infused nearly INR 14.89 Cr ($2.01 Mn) into the company. Dream Incubator had invested INR 74 Lakh and NB Ventures had added INR 37.24 Lakh in the company.
Back then, Millenna FVCI III held 34.15% stake in IDfy on a diluted basis, whereas NB Ventures and Dream Incubator held 5.43% and 5.55%, respectively.
Founded in 2011 by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, IDfy claims to help people and businesses build authentic relationships by ensuring that both parties are who they claim to be and can be trusted. IDfy claims that its solutions detect and prevent fraud at source, accurately identifying entities and verifying their credentials.
The 10-year old company said that it helps safely onboard customers, merchants, service partners, and employees. IDfy’s solutions are helping its over 500 clients spanned across industries such as banks and financial services, ecommerce, telecom, healthcare, P2P communities, gaming, and logistics.
IDfy claims that it has verified more than 45 Mn customers, over 8 Mn employees, around 9 Mn partners and 13 Mn users to date. The company also claimed that it has verified more than 10 Mn bank account holders and has helped to onboard more than 500 K merchants.