IDfy
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IDfy - overview
Established
2011
Location
Mumbai, Maharashtra, India
Primary Industry
Software
About
Based in India, Baldor Technologies Private Limited, doing business as IDfy, operates as a software company that provides verification solutions to businesses. Based in Mumbai, Maharashtra, India and founded in 2011, Baldor Technologies Private Limited (operating as IDfy), founded by Ashok Hariharan and Vineet Jawa, with Ashok Hariharan serving as CEO, provides digital identity verification, background screening, fraud detection, and compliance solutions for enterprises operating across BFSI, fintech, e‑commerce, gig economy, and other regulated industry segments. In February 2026, IDfy raised INR 4. 76 billion in series F led by new investor Neo Asset Management, with participation from other new investors Analog Capital, Kae Capitala and Returning investors Blume Ventures, Elev8 Venture Partners, and IndiaMART InterMESH Ltd.
, TransUnion, Dream Incubator. Other unspecified investors and individual investors also participated in the round. The company provides an identity verification platform that offers comprehensive verification solutions to businesses. The platform's services include customer verification, employee background verification, vendor identity verification, and user identity verification.
Moreover, the firm offers solutions such as API integration for smarter decision-making, video KYC solutions, and merchant onboarding identity verification. Additionally, the company also provides services such as compliance and fraud prevention. IDfy generates revenue primarily through professional fees charged to enterprises for using its digital identity verification and compliance solutions, including KYC, KYB, background verification, fraud detection, and onboarding services. Its revenues are largely usage‑based, with clients paying per verification or through API‑driven and SaaS‑based service consumption across regulated and high‑volume industries.
Current Investors
New Enterprise Associates, Dream Incubator, NB Ventures
Primary Industry
Software
Sub Industries
Monitoring & Security Software, Application Integration Software, Analytics & Performance Software
Website
www.idfy.com/
Verticals
Artificial Intelligence, Cloud Computing
Company Stage
Series F
Total Amount Raised
Subscriber access only
IDfy - timeline of key events
IDfy - financials
| Fiscal Year Ended | Mar 31, 2012 | Mar 31, 2013 | Mar 31, 2014 | Mar 31, 2015 | Mar 31, 2016 | Mar 31, 2017 | Mar 31, 2018 | Mar 31, 2019 | Mar 31, 2020 | Mar 31, 2021 | Mar 31, 2022 | Mar 31, 2023 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | - | - | 2,081,191 | 6,894,446 | 32,229,325 | 83,407,961 | 101,665,945 | 116,284,997 | 227,691,052 | 378,321,481 | - | - | - |
| % Revenue Growth (YoY) | - | - | - | 231.3% | 367.5% | 158.8% | 21.9% | 14.4% | 95.8% | 66.2% | - | - | - |
| EBITDA (USD) | (1,588,627) | (5,347,572) | (5,471,911) | (3,009,181) | (66,816,847) | (79,021,961) | (71,369,704) | (95,527,904) | (28,904,662) | (75,223,116) | - | - | - |
| Operating Income (USD) | (1,598,159) | (5,451,925) | (5,574,087) | (3,213,773) | (70,082,468) | (85,044,300) | (76,054,753) | (98,815,394) | (31,666,725) | (77,911,753) | - | - | - |
| Operating Margin | - | - | (267.8%) | (46.6%) | (217.4%) | (102.0%) | (74.8%) | (85.0%) | (13.9%) | (20.6%) | - | - | - |
| % EBITDA Margin | - | - | (262.9%) | (43.6%) | (207.3%) | (94.7%) | (70.2%) | (82.1%) | (12.7%) | (19.9%) | - | - | - |
| NET Income (USD) | (1,598,159) | (5,451,925) | (5,574,311.8) | (3,220,738) | (66,327,754) | (85,403,605) | (78,208,663) | (95,772,177) | (29,712,575) | (73,963,421) | - | - | - |
| % Net Margin | - | - | (267.8%) | (46.7%) | (205.8%) | (102.4%) | (76.9%) | (82.4%) | (13.0%) | (19.6%) | - | - | - |
IDfy - employee data
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