28-year-old IndiaMART acquires 10% stake in fraud detection startup IDfy for Rs 90 crore

28-year-old Indian B2B marketplace IndiaMART has announced an investment of Rs 89.7 crore in Baldor Technologies Private Limited (“IDfy”). 

This investment marks a 10% minority stake acquisition for IndiaMART, the company said in a release.

What does IDfy do?

Founded in 2011, IDfy is an Integrated Identity Platform offering products and solutions for KYC, Background Verifications, Risk Mitigation, Digital Onboarding and Digital Privacy. IDfy establishes trust while delivering a frictionless experience for employees, customers and partners.

IDfy combines enterprise-grade technology with the industry's widest range of offerings. With more than 12+ years of experience and 2 million verifications per day, they are pioneers in this industry.

Leadership comments

Commenting on the investment, Dinesh Agarwal, Founder and Managing Director of IndiaMART, emphasized the significance of IDfy’s offerings in today’s evolving business environment. 

“In an era where trust and authenticity are paramount, IDfy’s expertise in background verification and authentication aligns seamlessly with IndiaMART’s mission to empower businesses digitally,” he stated.

Agarwal further highlighted the importance of such services in enabling secure and reliable transactions, crucial for the growth and sustainability of businesses in the digital age.

What did the IDfy CEO say?

Ashok Hariharan, CEO of IDfy, also commented, “MSMEs are the backbone of any economy. We are thrilled to collaborate with IndiaMart to empower MSMEs and expand their businesses while effectively managing risks and fraud. This partnership leverages the strengths of IDfy’s expertise with IndiaMART’s forward-thinking vision. This investment from IndiaMART signifies a pivotal moment for IDfy, marking a new chapter of growth and innovation.”