Idfy’s Financials, Revenue, Profit, Valuation & Shareholding Overview (2025)
Legal Name: Baldor Technologies Private Limited | CIN: U74900MH2011PTC291275
IDfy, founded in 2011, is a leading identity verification and background screening platform headquartered in Mumbai, India. Founded by Ashok Hariharan, IDfy provides cutting-edge solutions that help businesses prevent fraud, ensure compliance, and establish trust. The company serves a diverse range of sectors, including BFSI, gig economy, e-commerce, and more. With advanced AI-driven technology, IDfy enables organizations to onboard customers and verify identities seamlessly and securely. The company’s commitment to innovation and operational excellence has positioned it as a trusted partner for major enterprises looking to enhance their verification processes and reduce risk exposure in a digital-first world.
| Founded | 2011 |
|---|---|
| Headquarters | Mumbai, India |
| Sector | RegTech & Identity Verification |
| Revenue FY23 | $11 million |
| Profit/Loss FY23 | -$4 million |
| Employees (approx.) | 300 |
| Round | Date | Amount (USD) | Valuation (USD) | Investors |
|---|---|---|---|---|
| Series E | Feb 28, 2024 | $10.7M | $71M | KB Investment, Dream Incubator |
| Series E | Jul 25, 2024 | $6.6M | — | — |
| Series D | Dec 21, 2021 | $12.5M | $56M | TransUnion, Blume Ventures, MegaDelta |
| Series A | Jan 07, 2013 | $2M | — | IDG Ventures India |
| Seed | Apr 18, 2012 | $1.2M | — | 500 Global, Blume Ventures |
IDfy has shown a strong upward revenue trend, increasing from $6.5 million in FY22 to a projected $17.7 million in FY24. Despite operating losses, the company is steadily narrowing deficits due to higher volumes and improved operational efficiencies, signaling positive momentum towards profitability.
While expenses have risen to support rapid expansion and technology development, IDfy remains committed to improving cost structures and optimizing margins. Strategic investments in AI capabilities and compliance infrastructure are expected to enhance future profitability.
IDfy's workforce has expanded steadily, growing from 250 employees in FY22 to around 350 projected in FY24. This growth supports its expanding client base and technology innovation goals, solidifying its leadership position in the verification and RegTech market.
| Metric | Detail |
|---|---|
| Revenue FY23 | $11 million |
| Profit/Loss FY23 | -$4 million |
| Funding Raised | $35.6 million total |
| Employees | 300+ and growing |
Overall, IDfy demonstrates strong growth momentum with rising revenues and expanding workforce, though it continues to focus on reducing operational losses. Its solid investor backing and technological advancements position it well for future scaling and profitability.
IDfy has cemented its reputation as a trusted leader in the RegTech and identity verification space. With robust revenue growth, expanding operations, and continuous innovation, the company is on a strong trajectory towards profitability and market leadership. Make smarter business decisions with verified insights on companies and directors. Visit Affluense.ai to learn more.
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