Hyderabad-based identity verification startup Equal raises $10 million

Hyderabad-based identity verification startup Equal has raised $10 million (approximately Rs 84 crore) in its first round of institutional funding.

The round was led by Prosus Ventures, Tomales Bay Capital, and Equal's founder, Keshav Reddy. Following this investment, Equal's valuation has climbed to $80 million.

Prominent investors participation

The funding round saw participation not only from institutional investors but also from influential figures in the business world.

Notable contributors included Blume Ventures, DST Global, Quona VC, and Gruhas VC, which is associated with Zerodha cofounder Nikhil Kamath.

Other significant investors were Flipkart cofounder Binny Bansal, Karan Adani from the Adani Group, Cred’s Kunal Shah, and Parth Jindal of JSW Cements.

What does Equal do?

Equal was founded in 2022 by Keshav Reddy, who comes from the GVK family known for the GVK Group, and Rajeev Ranjan, a former director of engineering at Swiggy.

The startup focuses on simplifying know-your-customer (KYC) procedures for businesses, fraud prevention, and compliance with regulations. Its platform integrates with about 50 identity databases, supporting various companies in maintaining efficient KYC processes.

Purpose of fundraising

Equal plans to use the raised capital towards scaling up operations, forming strategic partnerships, and developing a comprehensive framework aimed at boosting India’s data-sharing ecosystem.

"We are building three major technology stacks catering to different needs of companies – one is banking and financial services, second is an employment stack and third is the consumer tech stack," said Reddy.

In August, Equal made an investment for a strategic stake in OneMoney, an account aggregator platform. This deal is currently awaiting approval from the Reserve Bank of India.

As the company positions itself for future growth, it intends to enter deeper into the regulated domain, pursuing more licenses from financial authorities. "Those plans are still at an early stage right now, but eventually we will get more regulated," Reddy noted.

Equal currently serves around 350 large corporate clients, including TVS Credit, Larsen and Toubro, and Upstox. With a workforce of about 65 employees, the company is headquartered in Hyderabad and has sales operations in Bengaluru and Mumbai.