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Identity management and authentication startup AuthBridge has raised $7 Mn in a Series B funding round led by Delhi-based Phi Capital. Authbridghe will use the freshly-infused capital in technology advancement, strengthen its workforce and launch new product lines. 

Founded in 2005, Gurugram-based AuthBridge offers technology that helps end-to-end digital platforms to verify, onboard and manage customers, employees, vendors and other stakeholders. The startup claims to have over 1,500 clients across more than 30 sectors including Fortune 500 companies and Indian unicorns.

Authbridge’s AI and ML-powered products are supported by proprietary identity, education and criminal databases in the country. AuthBridge recently launched a financial intelligence brand Fintelle which offers KYC, Risk Intelligence, and other digital journeys for the BFSI sector. 

“This investment is a testament to our efforts in paving the road for the authentication ecosystem in India. The capital raised will go towards scaling technology innovation, hiring top talent, and launching new products to add value to our clients,” said Ajay Trehan, founder and CEO of AuthBridge. 

The global Identity and Access Management market was valued at $9.52 Bn in 2018 and is projected to reach $247.58 Bn by the end of 2026, growing at a CAGR of 13.17%. The market is expected to grow rapidly due to the rising need for compliance management and the growing demand for mobility solutions. The deployment of advanced technologies like cloud computing into identity and access management solutions is expected to further fuel the growth of the market in the coming years. 

“AuthBridge is a home-grown company that is solving the challenges in background verification, KYC and fraud detection while building data and AI-led solutions for risk mitigation. We are confident AuthBridge is going to play a pivotal role in setting standards for a great digital user/employee experience in a post-pandemic era,” said Anupam Thareja, founder and managing director of Phi Capital. 

Phi Capital has also invested in Arya Vaidya Pharmacy, Classic Legends, Krsnaa Diagnostics, and Minda Corporation Limited as part of its Phi Capital Growth Fund (PCGF-1).