IndiaMART, the online B2B marketplace, has invested ₹89.7 crore in Baldor Technologies Pvt Ltd (“IDfy”) for a 10 per cent minority stake.
Founded in 2011, IDfy is an integrated identity platform that offers products and solutions for KYC, background verification, risk mitigation, digital onboarding and digital privacy, and does 2 million verifications per day.
Dinesh Agarwal, Founder and Managing Director of IndiaMART said, “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.”
Ashok Hariharan, CEO of IDfy added, “MSMEs are the backbone of any economy. We are thrilled to collaborate with IndiaMart to empower MSMEs and expand their business, while effectively managing risk 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.”