Source: Entrackr
In the fiscal year 2024–25 (FY25), IDfy, a business that specializes in identity verification, increased its revenue from ₹145 crore to ₹188.5 crore. FY24 saw a loss of ₹8.8 crore, while FY25 saw profits of ₹7.8 crore.
Answering to Entrackr’s questions, an IDfy spokesperson said, “Since the numbers are unaudited we cannot comment on or respond to this.”
Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala founded IDfy, which offers digital tools to assist enterprises in verifying individuals and businesses. This verification can help with KYC (Know Your Customer), fraud detection, background checks, and onboarding. The way IDfy generates revenue is by charging customers to use its tools.
IDfy’s consistent growth in revenue and deliberate cost management assisted it in re-establishing profitability in FY25. Although the company did not directly comment on individual financial performance, reports reviewed by Entrackr confirmed the numbers.
Based in Mumbai, IDfy reports on more than 1,500 companies across many different industries, including banking, finance, e-commerce, FMCG, and gaming. The company states it has the capacity to process 60 million or more verifications each month and has impacted the lives of more than 150 million through its services.
Throughout its existence, IDfy has had in excess of $50 million raised in funding. In March 2024, it raised $27 million in a funding round that included both primary and secondary investments from Elev8, KB Investment, and Tenacity Ventures. According to a startup data platform called TheKredibe, Blume Ventures is the company’s largest external investor, with 20.53% stake, and TransUnion International owns 7.1%.
IDfy operates in a competitive and growing market. It competes with identity verification and fraud prevention startups like AuthBridge, Digio (backed by Groww), Karza (owned by Perfios), SpringVerify, and many more. There is a rapid rise in the need for both onboarding and data security as the world moves towards more digital transactions.
With strong financial results and a focus on technology, IDfy is rapidly establishing itself as a household name in the identity verification industry. IDfy’s ability to maintain steady growth, profitability, and serve a full range of industries gives it the best foundation for future success.
IDfy reported revenues of ₹188.5 crore in FY25, and has returned to profitability with profits of ₹7.8 crore. The startup has over 1,500 clients and continues to expand into global markets.
