Mumbai-based ID verification and onboarding solutions company IDfy on Thursday said it has raised Rs 86 crore in its Series F round of funding from TransUnion and Blume Ventures.
The company said in a statement it plans to use the funds to strengthen its product offerings and expand its business and operations.
Ashok Hariharan, founder and CEO at IDfy, said, “a billion more people globally are expected to enter the formal economy over the next 5 years. Our partnership with TransUnion gives us the chance to drive this change on a global scale. Blume Ventures has believed in us from day one.”
Karthik Reddy, the Managing Partner of Blume Ventures, said accurate identification and verification of people is critical for the economy to progress as an estimated 400 million more Indians enter organised employment by 2025 and start accessing mainstream financial services.
“With a majority of these engagements being remote and virtual, we look at IDfy as an infrastructure play that will drive this growth. When we first invested in IDfy, they were already a pioneer in this sector. Our latest investment reaffirms our confidence in the company and its ability to direct digitisation in India as well as globally,” he added.
IDfy (Baldor Technologies) builds technology products and solutions that accurately authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction.
Meanwhile, edtech startup Questt on Thursday said it has raised $6.75 million (Rs 50 crore) in funding, led by Celesta Capital and Premji Invest.
Existing investor Chiratae Ventures increased its shareholding in the series A round, while other existing investors including AET Fund, MarsShot Ventures, Titan Capital, and First Cheque continue to remain invested in the company, Questt said in a statement.
The company plans to use the funds from this round to build deep-tech capabilities to increase its user base, it added.
Akhil Singh, cofounder of Questt, said, “as our nation recovers from the effects of the pandemic, some changes are imperative. Leveraging AI, we aim to drive real value and empower students and teachers. Regardless of where children are, they must have a meaningful and effective learning experience.”
Founded in 2019 by Akhil Singh, Mohsin and Rohit Pande, Questt captures thousands of data points for each student, mapping their grasp of concepts, the difficulty level, and cognitive abilities and helps reduce time spent by teachers on assessing homework, providing them insights around how they can spend more time helping individual students.
(With PTI Inputs)