Exclusive: IDfy raises funding from NEA, others
Mumbai-based Baldor Technologies Pvt Ltd that runs IDfy.com, an online platform providing verification services to help users manage their profiles, has raised a fresh round of venture capital funding from New Enterprise Associates (NEA) with participation of existing investor Blume Ventures and others, sources privy to the development told Techcircle.in.
Separate emails sent to IDfy and the investors for further details on the development did not immediately elicit a response.
Founded by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala in 2011, with Kaushik Shah serving as its CTO, the startup enables users to create their profiles, upload identity documents and use the IDfy ID for any interaction â€“ be it house hunting or a job reference.
The startup follows a freemium model and does verification of bios for a fee. It also offers standalone verification of PAN card, work experience, educational qualification, address and reference/s for different fees.
Hariharan and Jawa had founded Gaboli, a web technology company focused on providing web applications and web-related services to the education sector in 2008, where Hariharan still holds a board position and Jawa is CEO. Prior to founding Gaboli, Hariharan worked with British Telecom. He holds a degree in electrical engineering from Pennsylvania State University and an MBA from Indian School of Business.
Jawa co-founded LendingKart, a fin-tech company in the SME business loan market in India before Gaboli. Before becoming an entrepreneur, he worked with Tech Mahindra and Novell. He holds an MBA from Indian School of Business.
Baheranwala had left the company in 2013.
The company targets both consumers and enterprises for revenue generation.