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ID verification platform IDfy raises $27 Mn in primary and secondary

EntrackrEntrackr · 1y ago
ID verification platform IDfy raises $27 Mn in primary and secondary
Medial

Identity verification startup IDfy has raised $27 million in a mix of primary and secondary fundraise from Elev8, KB Investment, and Tenacity Ventures. In October 2021, the Mumbai-based startup had raised $11.5 million in its Series D round led by TransUnion and Blume Ventures. With this fresh fundraise, IDfy further strengthens its position as Asia’s leading integrated identity platform and is poised for further expansion across the continent, the company said in a press release. Founded by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, IDfy 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. Its AI-based platform is used by organizations to streamline and automate their KYC, employee and merchant onboarding. IDfy claims to serve over 1,500 clients across diverse sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates. Its clients and partners are spread across India, South East Asia, and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA. The firm also said that it has impacted over 150 million lives and runs over 60 million verifications every month. IDfy registered Rs 108 crore in revenue from operations in FY23 against Rs 56 crore in FY22, according to startup data intelligence platform TheKredible. The company also turned profitable in FY23 with Rs 4 crore profit compared to Rs 18 crore loss in FY22. IDfy competes with SpringVerify, AuthBridge, Digio and Perfios-owned Karza.

You Care Lifestyle raises $1 Mn in pre-seed round

EntrackrEntrackr · 4m ago
You Care Lifestyle raises $1 Mn in pre-seed round
Medial

You Care Lifestyle raises $1 Mn in pre-seed round Independent verification platform You Care Lifestyle (YCL) has raised $1 million in a pre-seed funding round co-led by Luke Coutinho and Narendra Firodiya. The proceeds will be used to strengthen the processes for verification and authentication of products, support and invest in emerging clean brands, helping them scale and gain consumer trust, YCL said in a press release. Launched this year, You Care Lifestyle is an independent verification entity in the health and wellness space. The company verifies the safety, purity, and quality of products and services across various categories, including groceries, food, nutraceuticals, beauty and personal care items, pathology labs, and other lifestyle-related offerings. The Mumbai-based startup aims to create a trustworthy third-party verification platform, addresses critical issues like mislabelling and misinformation, and drives a behaviour shift towards informed consumer choice. YCL aims to empower brands to prioritise health-conscious products and to uphold the highest quality standards, and consumers to prioritise health-conscious decisions and inspire them to make choices of authentic products. YCL intends to expand the company’s offerings and plans to onboard brands. The company will look to test and verify approx 90-100 brands across food and cosmetic sectors by the end of 2025. The startup claims that it has signed with 37 products, 24 of which have successfully passed third-party lab tests, and 18 products are now available on the website. These products will feature the distinctive 'Pink Tiger Stamp,' an independent verification mark that signifies both approval and the quality assurance of the ingredients after rigorous testing. YCL aspires to bridge the gap between authenticity and consumer trust by creating a rigorous and reliable third-party verification system. The platform is committed to identifying and investing in businesses that share a vision of transparency, integrity, and consumer well-being.

Smallcase raises $50 Mn in Series D led by Elev8

EntrackrEntrackr · 3m ago
Smallcase raises $50 Mn in Series D led by Elev8
Medial

Smallcase raises $50 Mn in Series D led by Elev8 Wealthtech startup Smallcase has raised $50 million in its Series D round led by Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital will be used to expand Smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners, Smallcase said in a press release. The new round is coming after a gap of more than 3.5 years. Smallcase has raised around $120 million to date, including $40 million in a Series C round led by Faering Capital in August 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Faering Capital and Blume Ventures. Launched in 2016, Smallcase offers a model portfolio platform that has served over 10 million investors. It also provides technology solutions to more than 250 financial institutions, including research firms, advisors, wealth managers, and brokerages. The platform recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs. Smallcase's revenue from operations surged to Rs 67.4 crore in FY24 from Rs 30.6 crore in FY23. A drop in advertising and employee benefits enabled the company to reduce its losses by 74.4% to Rs 34 crore in the last fiscal year. According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months. Elev8 Venture Partners, backed by South Korea’s KB Investment, focuses on B2B SaaS, enterprise tech, consumer tech, and fintech. This is its third investment after supporting identity verification platform IDfy and astrotech platform Astrotalk.

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