Mumbai-based identity verification and digital onboarding company IDfy has recorded impressive financial growth in FY25, reporting a revenue of ₹188 crore. The company has also maintained profitability, showcasing strong financial discipline even as it expands its operations and clientele.
According to regulatory filings accessed by NextWhatBusiness, IDfy (also known as Baldor Technologies Pvt Ltd) has seen a 20% increase in revenue compared to the ₹156 crore reported in FY24. This steady growth is driven by rising demand for background verification, fraud prevention, and compliance services in India’s rapidly digitising economy.
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Strong Financial Health
IDfy’s ability to stay profitable while scaling its operations is being seen as a major strength. While specific profit numbers have not been disclosed, the filings confirm that the company has continued to post profits for the third consecutive financial year.
Industry experts view this as a testament to IDfy’s efficient operations and its ability to acquire and retain clients across sectors such as BFSI, fintech, gig economy, and logistics.
Client Growth and Product Expansion
Founded in 2011 by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy has evolved from a background verification startup to a full-fledged digital identity platform. Its services now include eKYC, address verification, criminal and court record checks, document OCR, face match, and more.
In FY25, the company onboarded multiple new enterprise clients, including major fintech platforms, NBFCs, and logistics companies. A key growth driver has been India’s push towards digital infrastructure and regulatory compliance, especially with the increase in digital lending, gig economy hiring, and remote onboarding.
IDfy’s solutions help companies comply with RBI and SEBI guidelines while reducing fraud and improving customer onboarding time.
A Profitable SaaS Story from India
IDfy is one of the rare startups in the SaaS (Software-as-a-Service) and compliance space to achieve profitability while growing consistently. It operates in a niche but increasingly essential space of digital trust infrastructure.
Speaking at a recent industry forum, co-founder and CEO Ashok Hariharan said,;
“Our mission is to create a world without fraud. Every product we build is aimed at making verification seamless, secure, and scalable. We are proud to be a profitable and growing Indian SaaS company that supports digital transformation at scale.”
Strategic Investments and Partnerships
IDfy has raised funding from investors like Blume Ventures, TransUnion, MegaDelta Capital, and Dream Incubator. Its last known funding round was in 2022, when it secured $4 million to accelerate technology innovation and business development.
Although the company hasn’t raised new capital in FY25, sources suggest that it is in discussions with institutional investors for a larger growth round aimed at international expansion and product R&D.
The company has also expanded its global footprint by working with international verification and compliance firms, especially in Southeast Asia and the Middle East.
Market Potential and Industry Trends
India’s identity verification and regtech market is expected to grow to $1.5 billion by 2027, driven by digital banking, remote hiring, and KYC compliance needs. IDfy is well-positioned in this market due to its proprietary technology stack, large dataset, and client trust.
Its competitors include Signzy, HyperVerge, and AuthBridge. However, IDfy differentiates itself through its focus on end-to-end fraud prevention and real-time automation.
What’s Next?
The Indian digital identity and fraud detection market is expected to grow significantly in the next five years, especially with the government’s push towards Digital India and more companies embracing remote onboarding solutions. IDfy seems well-positioned to benefit from this shift.
IDfy plans to introduce new solutions powered by generative AI to detect synthetic identities, deepfakes, and document tampering. The company is also investing in expanding its APIs and developer tools to integrate more easily with enterprise systems.
With consistent profits, growing demand, and expanding product offerings, IDfy’s future looks promising. It continues to set an example for Indian SaaS startups aiming to build sustainable, scalable, and globally competitive businesses.
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