Elev8 Venture Partners, in collaboration with South Korea’s KB Investment, has initiated its investment journey with a substantial $27 million backing for IDfy, a leading provider of identity verification services. Joining forces in this funding round are KB Investment and Tenacity Venture
According to Ashok Hariharan, Co-founder and CEO of IDfy, “Our mission at IDfy is to combat fraud and foster trust. This funding injection will power our expansion efforts and product innovation, enabling us to cater to a wider range of businesses and create opportunities for trustworthy individuals and enterprises.”
Established in 2011 by Ashok Hariharan and Vineet Jawa, former CTO and Co-founder of Lendingkart, IDfy offers a suite of customer background and verification services, including video KYC and merchant onboarding solutions. Its comprehensive checks encompass work history, educational records, and legal background, ensuring suitability for various roles or tasks.
With a clientele spanning over 1,500 entities across sectors like BFSI, FMCG, ecommerce, gaming, and more, IDfy continues to make significant strides in its domain.
Navin Honagudi, Managing Partner at Elev8 Venture Partners, expressed enthusiasm about the partnership with IDfy, hailing the company’s innovative technology, seasoned leadership, and strong market alignment as key drivers for remarkable growth. Elev8 foresees IDfy playing a pivotal role in shaping the future of risk management in India and beyond.
Elev8 Venture Partners, headquartered in Bengaluru, specializes in growth stage investments. The fund aims to back 12-14 tech-enabled, sector-agnostic startups during Series B and C funding rounds. With valuations ranging between $100 million and $500 million, Elev8 targets investments ranging from $10-15 million.
As India’s first pro-rata fund, Elev8, bolstered by KB Investment and Venture Catalysts, enables investors to maintain ownership stakes in subsequent funding rounds, solidifying its commitment to fostering sustainable growth within the startup ecosystem.
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