# IDfy raises ₹476 crore Series F led by Neo Asset Management (2026) - Link: https://100xfounder.com/idfy-growth-round-neo-asset/ - Published: 2026-10-24T11:52:00+05:30 - Author: Ishaan Vardhan [Funding](https://100xfounder.com/category/funding/)Ishaan VardhanOct 24, 202610 min read Mumbai-based IDfy, which sells identity verification, fraud-risk and data-privacy software to banks, lenders and consumer platforms, raised ₹476 crore (about $53 million) in a Series F round led by Neo Asset Management’s Neo Secondaries Fund in February 2026. Roughly ₹220 crore of that was fresh capital, according to regulatory filings reported by [Entrackr](https://entrackr.com/exclusive/exclusive-idfy-set-to-raise-25-mn-led-by-neo-asset-management-11097193); the rest bought out shares held by early investors and employees. When this story first appeared on our site, the round was only a report that IDfy was “in talks” with Neo. It has since closed and been announced. This updated version covers what was actually raised, at what valuation, what IDfy says it will do with the money, and what is still unclear. ## Key takeaways * IDfy’s Series F totalled ₹476 crore (about $53 million), led by Neo Asset Management, with Blume Ventures, Analog Capital, Elev8, IndiaMART and Kae Capital also taking part, according to [Outlook Business](https://www.outlookbusiness.com/corporate/idfy-raises-476-cr-to-accelerate-global-expansion-plans). * The primary portion was ₹220 crore at ₹901.7 per share, valuing IDfy at about ₹2,420 crore ($272 million) after the money, per filings cited by Entrackr. * IDfy turned a profit in FY25 (the year to March 2025) on operating revenue of about ₹186 crore, up from ₹145 crore a year earlier, Entrackr reported. * The company says the new money is for acquisitions, entering new international markets and product work. * India’s data-protection rules, notified in November 2025, give companies 18 months to comply, which is the opening IDfy’s privacy product is built for. ## What IDfy raised, and from whom The round came together in two steps. On 11 February 2026, Entrackr reported that IDfy’s board had passed a special resolution to issue 24,39,850 compulsorily convertible preference shares (CCPS, a common instrument for Indian venture rounds that converts into equity later) at ₹901.7 each. That works out to ₹220 crore, or about $25 million. The same filing broke down who was putting in the primary money, according to [Entrackr](https://entrackr.com/exclusive/exclusive-idfy-set-to-raise-25-mn-led-by-neo-asset-management-11097193): | Investor | Amount (primary) | | Neo Asset Management | ₹189 crore | | Emerald Lush | ₹11 crore | | Elev8 | ₹5 crore | | Blume Ventures | ₹4.45 crore | | IndiaMART and Kae Capital | Remainder | Two days later, on 13 February, IDfy announced the full ₹476 crore Series F. The larger headline number includes secondary transactions, in which existing shareholders sold some of their stake to incoming investors. The company described this as partial liquidity for early investors and employees, according to [The Paypers](https://thepaypers.com/fraud-and-fincrime/news/idfy-secures-usd-525-million-funding-led-by-neo-secondaries-fund), which put the round at $52.5 million. Taken together, the two disclosures imply that a little over half the headline figure went to sellers rather than to the company. Neo’s secondaries fund leading the round fits that structure. A secondaries fund buys stakes from existing holders, so its presence signals that some of IDfy’s early backers wanted a partial exit before any listing. Blume Ventures, an early investor, held 20.53% of IDfy and TransUnion International held 7.1%, according to Entrackr’s [July 2025 report](https://entrackr.com/exclusive/exclusive-idfy-posts-rs-188-cr-revenue-in-fy25-while-maintaining-profitability-9512349). That was before this round, and post-deal holdings have not been published. ### What the investors said Ashok Hariharan, IDfy’s co-founder and CEO, thanked “both our existing and new investors”, according to [Outlook Business](https://www.outlookbusiness.com/corporate/idfy-raises-476-cr-to-accelerate-global-expansion-plans). Nitin Agarwal, who heads private equity at Neo Asset Management, pointed to IDfy having “three distinct yet complementary platforms”, meaning onboarding, risk and privacy. Neo’s co-founder and CEO Hemant Daga credited Hariharan with building an enterprise-grade business. ![A person logging in to a laptop using the built-in camera for facial recognition]( https://100xfounder.com/wp-content/uploads/2026/10/a-person-logging-in-to-a-laptop- using-the-built-in-camera-for-facial-r-1024x683.jpg) Face matching and liveness checks are a core part of digital onboarding products such as IDfy's OnboardIQ. · [Photo: Intel Free Press / Wikimedia Commons, CC BY-SA 2.0](https://commons.wikimedia.org/wiki/File:Facial_login_as_password_using_laptop_camera.jpg) ## Valuation and what came next At ₹901.7 per share, the primary tranche valued IDfy at about ₹2,420 crore after the money, or roughly $272 million, according to Entrackr’s reading of the filings. That is a published figure from filings, not an estimate of ours. In June 2026, [Biometric Update](https://www.biometricupdate.com/202606/indian-identity-verification-firm-idfy-raises-23m-at-256m-valuation), citing Tech in Asia, reported that IDfy had raised ₹2.2 billion ($23 million) at a post-money valuation of ₹24.2 billion ($256.4 million), with the round closing in June. Those rupee figures are the same as the ₹220 crore primary tranche and ₹2,420 crore valuation in the February filings; the difference in dollars comes down to the exchange rate used. We could not confirm from a primary source whether the June report describes a separate, new round or the formal close of the February primary allotment, so we treat it as the same capital unless IDfy says otherwise. The same report said IDfy had about 600 employees across seven countries and wanted to be “IPO-ready” in two to three years, with a possible listing within five. ## What IDfy does IDfy was founded in 2011 by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, according to [Entrackr](https://entrackr.com/exclusive/exclusive-idfy-set-to-raise-25-mn-led-by-neo-asset-management-11097193). It started in background verification and has since grown into what it calls a “ TrustStack”: software that helps a business decide whether a customer, merchant or employee is who they claim to be, whether they pose a risk, and whether their personal data is being handled lawfully. On [its website](https://www.idfy.com/), IDfy groups this into three platforms: * **OnboardIQ** for identity verification and onboarding, including video KYC ( know your customer) and background checks. * **OneRisk** for real-time risk detection, with what IDfy says are more than 500 risk signals. * **Privy**, a compliance platform for India’s Digital Personal Data Protection( DPDP) Act, covering consent management and data governance. The website also lists AI agents for onboarding, credit decisions and privacy, and names Kotak Mahindra, Yubi, Aditya Birla Group, Hero Enterprise and BlackBuck among its clients. IDfy’s court-records subsidiary, CrimeCheck, holds data from more than 330 million court cases and 30 million police records in India, according to [Biometric Update](https://www.biometricupdate.com/202606/indian-identity-verification-firm-idfy-raises-23m-at-256m-valuation). ![Exterior of an Aadhaar Seva Kendra enrolment centre in India](https://100xfounder. com/wp-content/uploads/2026/10/exterior-of-an-aadhaar-seva-kendra-enrolment-centre- in-india-1024x768.jpg) India's Aadhaar ID system underpins much of the KYC work that verification firms automate. · [Photo: Suyash.dwivedi / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:AADHAAR_SEVA_KENDRA.jpg) ### How big is it? IDfy’s scale figures vary with the source and the definition. Its website claims more than 70 million verifications a month, more than 15 million frauds prevented, 500+ active clients and seven countries. Coverage of the Series F described 500+ enterprise clients and more than 500 million checks a year, while earlier reports by [The Paypers](https://thepaypers.com/fraud-and-fincrime/news/idfy-secures-usd-525-million-funding-led-by-neo-secondaries-fund) and Entrackr cited 1,500+ clients across banking, FMCG, e-commerce, gaming and the sharing economy. The most likely explanation is that “enterprise clients” is a narrower count than “clients”, but IDfy has not reconciled the figures publicly. ## The financials IDfy went into the round profitable, which is unusual enough to be part of its pitch. Two sets of FY25 numbers have been published: * In July 2025, [Entrackr](https://entrackr.com/exclusive/exclusive-idfy-posts-rs-188-cr-revenue-in-fy25-while-maintaining-profitability-9512349) reported unaudited figures of ₹188.5 crore revenue and ₹7.8 crore profit, against ₹145 crore revenue and an ₹8.8 crore loss in FY24. IDfy declined to comment because the numbers were unaudited. * In February 2026, Entrackr’s [funding report](https://entrackr.com/news/idfy-raises-53-mn-led-by-neo-secondaries-fund-11102270) gave FY25 operating revenue of ₹186 crore and a net profit of ₹1.6 crore. The later figures are the more conservative and more recent, so they are the safer reference: revenue up about 28% to roughly ₹186 crore (about $22 million), and a small profit after a loss the year before. IDfy’s FY26 results, for the year ended March 2026, had not been published in the sources we could find at the time of writing. Before this round, IDfy’s most recent raise was $27 million in March 2024 from Elev8, KB Investment and Tenacity Ventures, which also mixed primary and secondary money, according to Entrackr. Reported totals for all funding to date differ between outlets, so we have left that figure out. ## Where the money goes IDfy has named three uses for the primary capital: strategic acquisitions, entering new international markets, and investment in its identity, risk and privacy products, according to [Outlook Business](https://www.outlookbusiness.com/corporate/idfy-raises-476-cr-to-accelerate-global-expansion-plans) and [FinTech Global](https://fintech.global/2026/02/16/identity-verification-firm-idfy-secures-53m/). It already operates in India, Southeast Asia and the Middle East, and The Paypers reported that those two overseas regions are its expansion targets. The acquisitions line matters. IDfy has not named targets, but with about ₹220 crore of new money and a profitable core, it has room to buy smaller companies in adjacent areas such as fraud analytics, document authentication or regional KYC providers. Founders building in those niches should expect more consolidation offers from well- funded platforms like IDfy. ![A smartphone screen showing privacy and permission settings](https://100xfounder. com/wp-content/uploads/2026/10/a-smartphone-screen-showing-privacy-and-permission- settings-683x1024.jpg) India's DPDP Rules give companies until mid-2027 to overhaul consent and data handling.· [Photo: Stefan Nürnberger / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:Privacy_of_Mobile_Devices.jpg) ## Why the timing works: India’s data-protection rules The Indian government notified the Digital Personal Data Protection Rules, 2025, on 14 November 2025, completing the framework of the DPDP Act passed by Parliament on 11 August 2023, according to the [Press Information Bureau](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2190014®=3&lang=2). The rules give organisations an 18-month phased timeline to comply, which puts the main obligations in force from mid-May 2027. The obligations are concrete. Companies that handle personal data must issue standalone, plain-language consent notices, tell affected people promptly about data breaches, get verifiable consent before processing children’s data, and answer requests to access, correct or erase data within 90 days. “Consent managers”, the firms that help people manage their permissions, must be Indian companies. Larger “significant data fiduciaries” face independent audits and impact assessments. Every bank, lender, insurer and consumer app has to put this in place before the deadline, and that is the market IDfy’s Privy product is aimed at. Neo’s comment about three complementary platforms makes the investment case directly: a company that already runs a lender’s onboarding and fraud checks is well placed to sell it consent and data-governance tools too. ## Why it matters The round shows two things about Indian startup finance in 2026. First, profitable B2B infrastructure companies can still raise sizeable late-stage rounds, even as the number of deals falls: Indian startups closed 210 deals in July to September 2026, down 13% from a year earlier, according to [Inc42](https://inc42.com/buzz/startup-funding-crawls-up-5-yoy-to-2-2-bn-in-q3-2026-as-investors-get-picky/). Our [funding tracker](https://100xfounder.com/funding-tracker/) follows that trend. Second, secondaries are becoming a normal part of these rounds. More than half of IDfy’s headline number went to existing shareholders, which gives early employees and investors cash without an IPO. For job seekers, a profitable, acquisitive regtech company with stated IPO ambitions is worth watching. Roles in risk, compliance engineering and privacy tooling are likely to grow as the DPDP deadline nears. See current openings on our [jobs board](https://100xfounder.com/jobs/). The open questions are whether the June 2026 report describes new money, what IDfy earned in FY26, and which companies it buys. We will update this article when IDfy or its filings answer them. ![Indian Overseas Bank branch building in Tamil Nadu](https://100xfounder.com/wp- content/uploads/2026/10/indian-overseas-bank-branch-building-in-tamil-nadu-1024x683. jpg) Banks, lenders and insurers are IDfy's largest customer group. · [Photo: Nivas10798 / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:Indian_Overseas_Bank_at_Lemelle.jpg) ## FAQ ### How much did IDfy raise in 2026? IDfy announced a ₹476 crore (about $53 million) Series F in February 2026. About ₹220 crore was primary capital, and the rest was secondary share sales by early investors and employees. ### Who led IDfy’s Series F? Neo Asset Management, through its Neo Secondaries Fund. Blume Ventures, Analog Capital, Elev8, IndiaMART and Kae Capital also took part. ### What is IDfy’s valuation? Filings reported by Entrackr put the post-money valuation at about ₹2,420 crore ( $272 million) in February 2026. A June 2026 report cited ₹24.2 billion ($256.4 million), the same rupee figure. ### Is IDfy profitable? Yes, on reported FY25 numbers. Entrackr reported operating revenue of about ₹186 crore and a net profit of ₹1.6 crore for the year to March 2025, after a loss in FY24. ### Who founded IDfy? Ashok Hariharan, Vineet Jawa and Hatim Baheranwala founded IDfy in 2011 in Mumbai. Hariharan is CEO. ### What is the DPDP compliance deadline? The DPDP Rules were notified on 14 November 2025 with an 18-month phased timeline, so most obligations apply from May 2027. Confirm your own obligations with a qualified legal adviser. ## Sources 1. Entrackr, [“Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management”](https://entrackr.com/exclusive/exclusive-idfy-set-to-raise-25-mn-led-by-neo-asset-management-11097193), 11 February 2026 2. Entrackr, [“IDfy raises $53 Mn led by Neo Secondaries Fund”](https://entrackr.com/news/idfy-raises-53-mn-led-by-neo-secondaries-fund-11102270), 13 February 2026 3. Outlook Business, [“IDfy Raises ₹476 Cr to Accelerate Global Expansion Plans”](https://www.outlookbusiness.com/corporate/idfy-raises-476-cr-to-accelerate-global-expansion-plans), 13 February 2026 4. The Paypers, [“IDfy raises USD 52 mln led by Neo Secondaries Fund”](https://thepaypers.com/fraud-and-fincrime/news/idfy-secures-usd-525-million-funding-led-by-neo-secondaries-fund), 17 February 2026 5. FinTech Global, [“Identity verification firm IDfy secures $53m”](https://fintech.global/2026/02/16/identity-verification-firm-idfy-secures-53m/), 16 February 2026 6. Entrackr, [“Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability”](https://entrackr.com/exclusive/exclusive-idfy-posts-rs-188-cr-revenue-in-fy25-while-maintaining-profitability-9512349), 19 July 2025 7. Biometric Update, [“Indian identity verification firm IDfy raises $23M at $256M valuation”](https://www.biometricupdate.com/202606/indian-identity-verification-firm-idfy-raises-23m-at-256m-valuation), 22 June 2026 8. IDfy, [“TrustStack” homepage](https://www.idfy.com/), accessed 4 October 2026 9. Press Information Bureau (MeitY), [“Government notifies DPDP Rules to empower citizens and protect privacy”](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2190014®=3&lang=2), 14 November 2025 10. Inc42, [“Startup Funding Crawls Up 5% YoY To $2.2 Bn In Q3 As Investors Get Picky”](https://inc42.com/buzz/startup-funding-crawls-up-5-yoy-to-2-2-bn-in-q3-2026-as-investors-get-picky/), 30 September 2026 Featured image: Mumbai, where IDfy has been headquartered since its founding in 2011. · [Photo: Vyacheslav Argenberg / Wikimedia Commons, CC BY 4.0](https://commons.wikimedia.org/wiki/File:Mumbai,_India,_Bombay,_Mumbai_city_skyline_at_night.jpg) _How this article was made: researched and drafted with AI assistance by the 100xFounder editorial desk, using only the sources listed in it; every figure links to its source. Read our [editorial policy](https://100xfounder.com/editorial-policy/), or report an error through our [corrections policy](https://100xfounder.com/corrections-policy/)._ ## Related stories [⌊Exterior of the Mazumdar Shaw Medical Center building at Narayana Health City in Bengaluru⌉⌊Exterior of the Mazumdar Shaw Medical Center building at Narayana Health City in Bengaluru⌉FundingW Health Ventures Fund II: ₹550 crore first close to ₹700 croreIshaan VardhanOct 22, 20268 min read](https://100xfounder.com/w-health-fund-ii-first-close/) [⌊Visitors outside Hall 4 at the Electronica and Productronica India trade show at the Bangalore International Exhibition Centre in 2025⌉⌊Visitors outside Hall 4 at the Electronica and Productronica India trade show at the Bangalore International Exhibition Centre in 2025⌉FundingIndigrid Technology Series A: ₹40 crore for electronics manufacturingIshaan VardhanOct 20, 20269 min read](https://100xfounder.com/indigrid-technology-series-a-electronics/) [⌊Bengaluru city skyline with high-rise buildings seen from Tata Promont⌉⌊Bengaluru city skyline with high-rise buildings seen from Tata Promont⌉FundingTop VC Firms in India in 2026: Stages, Funds and How to PitchIshaan VardhanOct 20, 202611 min read](https://100xfounder.com/top-vc-firms-india/) Share this[](https://wa.me/?text=IDfy%20raises%20%E2%82%B9476%20crore%20Series%20F%20led%20by%20Neo%20Asset%20Management%20%282026%29%20https%3A%2F%2F100xfounder.com%2Fidfy-growth-round-neo-asset%2F%3Futm_source%3Dwhatsapp%26utm_medium%3Dshare%26utm_campaign%3Darticle-end) [](https://x.com/intent/post?text=IDfy%20raises%20%E2%82%B9476%20crore%20Series%20F%20led%20by%20Neo%20Asset%20Management%20%282026%29&url=https%3A%2F%2F100xfounder.com%2Fidfy-growth-round-neo-asset%2F%3Futm_source%3Dx%26utm_medium%3Dshare%26utm_campaign%3Darticle-end) [](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2F100xfounder.com%2Fidfy-growth-round-neo-asset%2F%3Futm_source%3Dlinkedin%26utm_medium%3Dshare%26utm_campaign%3Darticle-end) [](https://t.me/share/url?url=https%3A%2F%2F100xfounder.com%2Fidfy-growth-round-neo-asset%2F%3Futm_source%3Dtelegram%26utm_medium%3Dshare%26utm_campaign%3Darticle-end&text=IDfy%20raises%20%E2%82%B9476%20crore%20Series%20F%20led%20by%20Neo%20Asset%20Management%20%282026%29) Sources (10) 1. [Entrackr](https://entrackr.com/exclusive/exclusive-idfy-set-to-raise-25-mn-led-by-neo-asset-management-11097193) 11 Feb 2026Board resolution: 24,39,850 CCPS at Rs 901.7 = Rs 220 Cr; Neo Rs 189 Cr, Emerald Lush Rs 11 Cr, Elev8 Rs 5 Cr, Blume Rs 4.45 Cr, IndiaMART/Kae rest; post-money ~Rs 2,420 Cr ($272M); founders Hariharan, Jawa, Baheranwala 2. [Entrackr](https://entrackr.com/news/idfy-raises-53-mn-led-by-neo-secondaries-fund-11102270) 13 Feb 2026Rs 476 Cr Series F primary+secondary; FY25 operating revenue Rs 186 Cr vs Rs 145 Cr, net profit Rs 1.6 Cr; 500+ enterprise clients, 500M+ checks a year; previous $27M round 3. [Outlook Business](https://www.outlookbusiness.com/corporate/idfy-raises-476-cr-to-accelerate-global-expansion-plans) 13 Feb 2026Investor list; quotes from Ashok Hariharan, Hemant Daga, Nitin Agarwal; use of funds 4. [The Paypers](https://thepaypers.com/fraud-and-fincrime/news/idfy-secures-usd-525-million-funding-led-by-neo-secondaries-fund) 17 Feb 2026$52.5M; partial liquidity for early investors and employees; 1,500+ clients; India, SE Asia, Middle East; expansion targets 5. [FinTech Global](https://fintech.global/2026/02/16/identity-verification-firm-idfy-secures-53m/) 16 Feb 2026$53M round and use of funds 6. [Entrackr](https://entrackr.com/exclusive/exclusive-idfy-posts-rs-188-cr-revenue-in-fy25-while-maintaining-profitability-9512349) 19 Jul 2025Unaudited FY25 Rs 188.5 Cr revenue, Rs 7.8 Cr profit vs Rs 8.8 Cr loss; Blume 20.53%, TransUnion 7.1%; March 2024 $27M from Elev8, KB Investment, Tenacity 7. [Biometric Update](https://www.biometricupdate.com/202606/indian-identity-verification-firm-idfy-raises-23m-at-256m-valuation) 22 Jun 2026Rs 2.2bn ($23M) at Rs 24.2bn ($256.4M) post-money, closed June 2026( citing Tech in Asia); 600 staff, 7 countries; CrimeCheck 330M+ court cases, 30M police records; IPO-ready in 2-3 years 8. [IDfy](https://www.idfy.com/) 4 Oct 2026OnboardIQ, OneRisk, Privy; 70M+ monthly verifications, 15M+ frauds prevented, 500+ clients, 7 countries; client names 9. [Press Information Bureau](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2190014®=3&lang=2) 14 Nov 2025DPDP Rules notified; Act enacted 11 Aug 2023; 18-month phased compliance; consent notices, breach notification, 90-day rights requests, Indian consent managers 10. [Inc42](https://inc42.com/buzz/startup-funding-crawls-up-5-yoy-to-2-2-bn-in-q3-2026-as-investors-get-picky/) 30 Sep 2026Q3 2026: 210 deals, down 13% YoY