Elev8 Venture Partners, backed by South Korea’s KB Investment, has made its inaugural investment of $27 million in IDfy, an identity verification services provider. KB Investment and Tenacity Ventures also participated in the funding round.
“IDfy’s mission is to eliminate fraud and establish trust. The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses,” said Ashok Hariharan, Co-founder and CEO, IDfy.
Founded in 2011 by Ashok Hariharan and former Lendingkart CTO and Co-founder Vineet Jawa, IDfy provides customer background and verification services, along with video KYC services and merchant onboarding services. It covers a wide range of checks, including work experience, education records, and legal history to ensure a person’s suitability for a specific job or task.
IDfy is currently serving over 1,500 clients across diverse sectors like BFSI, FMCG, ecommerce, gaming, and others, said a statement by the company.
“We are thrilled to partner with IDfy as our first investment. The company’s innovative technology, experienced leadership team, and strong market fit position it for remarkable growth. We are confident that IDfy will play a crucial role in shaping the future of risk management in India and beyond,” said Navin Honagudi, Managing Partner, Elev8 Venture Partners.
Elev8 Venture Partners is a Bengaluru-based growth stage venture fund. The fund aims to invest in 12-14 tech-enabled sector-agnostic startups in Series B and C funding rounds, with valuations ranging between $100 million and $500 million, and investments between $10-15 million.
Backed by KB Investment, a South Korean financial institution; and Venture Catalysts, Elev8 claimed to be India’s first pro-rata fund, allowing investors to maintain ownership stakes in subsequent funding rounds.
Edited by Megha Reddy
