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Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability

EntrackrEntrackr · 1d ago
Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability
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Exclusive All Stories Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability According to the startup data intelligence platform TheKredibe, Blume Ventures is the largest external stakeholder with 20.53% followed by Trans Union International, which owns 7.1% of the company. Kunal Manchanada 19 Jul 2025 11:44 IST Identity verification startup IDfy has maintained its growth momentum, achieving 30% year-over-year growth during the previous fiscal year, which ended in March 2025. At the same time, the company is back to profitability, according to two sources and documents reviewed by Entrackr. IDfy’s revenue from operations increased to Rs 188.5 crore in FY25 from Rs 145 crore in FY24, as per the documents. Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy builds technology products that help businesses authenticate individuals and entities with minimal friction. The professional fees collected from the clients for providing services are the primary revenue stream for the company. The Mumbai-based company claims to serve over 1,500 clients across various sectors, including BFSI, FMCG, e-commerce, gaming, the sharing economy, and large conglomerates. According to IDfy, it has impacted more than 150 million lives and processes over 60 million verifications every month. IDfy’s decent revenue growth, coupled with controlled costs, helped the company post a notable profit of Rs 7.8 crore in FY25. In comparison, the company had reported a loss of Rs 8.8 crore in FY24. Responding to Entrackr's queries, an IDfy spokesperson said, "Since the numbers are unaudited we cannot comment on or respond to this." IDfy has raised over $50 million in total funding so far, including a $27 million round comprising both primary and secondary components from Elev8, KB Investment, and Tenacity Ventures in March last year. According to the startup data intelligence platform TheKredibe, Blume Ventures is the largest external stakeholder with 20.53% followed by Trans Union International, which owns 7.1% of the company. IDfy competes with several players in the identity verification and fraud prevention space, including Delhi-based AuthBridge, which raised $7 million from Phi Capital; Groww-backed Digio, Karza, owned by Perfios; SpringVerify, and a few others. With digital onboarding and compliance becoming essential across sectors, the identity verification and fraud prevention space is expanding rapidly. IDfy, with revenue nearing Rs 190 crore in FY25 and continued profitability, is emerging as a key player driving this momentum. Backed by strong growth and deep-tech capabilities, the company has marked a solid position for itself. Let’s see where it goes from here.

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