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IDfy raises $53 Mn led by Neo Secondaries Fund

EntrackrEntrackr · 4d ago
IDfy raises $53 Mn led by Neo Secondaries Fund
Medial

IDfy raises $53 Mn led by Neo Secondaries Fund Trust and regtech platform IDfy has raised Rs 476 crore (around $53 million) in a Series F funding round comprising both primary and secondary transactions. The round was led by Neo Asset Management through its Neo Secondaries Fund, with participation from existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital. The proceeds from the primary capital will be used for strategic acquisitions, expansion into new international markets, and further development of its product offerings. The secondary portion of the round will provide liquidity to early investors and employees. Founded in 2011, IDfy offers an integrated TrustStack platform covering digital onboarding, risk mitigation, fraud detection, and privacy governance. The company serves over 500 enterprise clients across more than 10 sectors and conducts over 500 million verification checks annually. IDfy has operations across seven countries, including India, Southeast Asia, and the Middle East. The funding comes amid increasing demand for identity verification, fraud detection, and privacy compliance solutions globally, driven by rising digital transactions and evolving regulatory requirements. In India, the rollout of the Digital Personal Data Protection (DPDP) Act and higher budgetary allocation for digital infrastructure have contributed to the growth of the regtech ecosystem. According to Entrackr, IDfy has raised over $120 million to date, including a $27 million round comprising primary and secondary transactions from Elev8, KB Investment, and Tenacity. On the financial front, IDfy reported operating revenue of Rs 186 crore in FY25, compared to Rs 145 crore in FY24. The company also reported a net profit of Rs 1.6 crore during the year, compared to a loss in the previous fiscal year.

Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management

EntrackrEntrackr · 5d ago
Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management
Medial

Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management Identity verification startup IDfy is raising Rs 220 crore (around $25 million) in a fresh funding round led by Neo Asset Management, with participation from existing investors Emerald, Elev8, and others. The board at IDfy passed a special resolution to issue 24,39,850 Series F compulsorily convertible preference shares at an issue price of Rs 901.7 each to raise Rs 220 crore, filings with the Registrar of Companies show. Neo Asset Management, through its funds, will lead the round with an investment of Rs 189 crore. Blume Ventures will invest Rs 4.45 crore, Emerald Lush Rs 11 crore, and Elev8 Rs 5 crore. IndiaMart and Kael will contribute the remaining amount. The company plans to deploy the fresh proceeds towards growth initiatives and strengthening its balance sheet. As per Fintrackr’s estimates, IDfy’s post-money valuation stands at around Rs 2,420 crore ($272 million). Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy develops technology-driven products and solutions that authenticate individuals and businesses. Its platform enables enterprises to prevent fraud and onboard verified entities with minimal friction. The Mumbai-based company claims to serve over 1,500 clients across sectors such as BFSI, FMCG, e-commerce, gaming, sharing economy, and large conglomerates. It operates across India, SEA, and the Middle East. According to startup data intelligence platform TheKredible, IDfy has raised over $70 million to date, including a $27 million round comprising primary and secondary transactions from Elev8, KB Investment, and Tenacity. During FY25, the company’s revenue grew 28.3% year-on-year to Rs 186 crore from Rs 145 crore in FY24. It also turned profitable during the year, reporting a net profit of Rs 1.6 crore.

Neo Asset Management announces fund II at Rs 2,000 Cr

EntrackrEntrackr · 10m ago
Neo Asset Management announces fund II at Rs 2,000 Cr
Medial

Neo Asset Management, a seasoned Alternative Asset Management firm in India, has announced the first close of its second flagship private credit fund - the Neo Special Credit Opportunities Fund-II (NSCOF II), at Rs 2,000 crore as on date including the first closing as filed with SEBI. Launched 3 months ago, the fund is targeting a total corpus of Rs 5,000 crore. The fund witnessed interest from Family Offices, Ultra High Net Worth Individuals (UHNIs) and Institutional Investors alike to make Neo’s journey an alternative investment platform focused on Private Credit and Real Assets. NSCOF-II is a SEBI-registered Category II AIF designed to provide bespoke credit solutions to EBITDA positive companies. As a strategy, all investments are fully covered with at least 2-3 times hard asset collateral and bear regular coupons. Neo Asset Management aims to adhere to its fund strategy and deliver returns. It looks forward to deploying capital efficiently in Fund-II. Its objective is to create a well-diversified portfolio with 25-30 investments, each ranging between Rs 150-300 crore. Neo’s first private credit, Neo Special Credit Opportunities Fund-I, closed in June 2024, raising Rs 2,575 crore. This fund has gross deployed 100% of its capital across 23 carefully curated diversified investments and have exited from 7 of these investments, over the past 18 months. The team has evaluated more than 450 investments in the last two years. Neo Group is a new-age wealth and asset management company, backed by Peak XV Partners, MUFG Bank, and Euclidean Capital and committed to building India’s leading Alternatives Asset Management platform. Neo Asset Management, the India-focused Alternative Asset Management arm of the Neo Group, manages more than Rs 10,000 crore of AUM, investing across various asset classes and delivering returns with stable cashflows.

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