HR tech IDfy recorded 1.5X growth in its FY22 revenue, growing to Rs 58.2 crore in the fiscal year ending March. It saw a spike of over 49% in its revenue from operations as compared to the previous years Rs 37.8 crore. While the company saw a significant growth in its revenue, it also saw its losses spiking 2.5X to Rs 18.72 crore.
Founded in 2011 by Ashok Hariharan and Vineet Jawa, IDfy is an online fraud detection platform that provides background verification services to banks, insurance companies, gaming and fintech segments among others. It gathers information either through its platform or through its clients’ websites or apps using the platform’s APIs.
The Mumbai-based company recorded an overall expense of Rs 76.9 crore, a 1.7X growth as compared to FY21’s Rs 45.9 crore. Employee benefits accounted for over 40% of the total expenses incurred, while a little over 5% was spent on legal and professional charges. In FY21, it spent over Rs 20 crores on employee benefits while close to Rs 27 crore accounted for depreciation.
IDfy’s losses increased over two-fold to Rs 18.7 crore when compared to the previous fiscal year’s Rs 7.39 crore. Its EBITDA and ROCE stood at -30.68% and -20.65% respectively.
Till date, the company has raised a total funding of Rs 154.74 crore over 8 rounds. Its latest round was held on October 2021 from a Series D round. The round saw TransUnion and Blume Ventures as its lead investors and saw the support of HDFC Bank among other investors. IDfy previously raised close to Rs 116 crore in its Series A round held on August 2021.
Post the round, Millena FVCI and Trans Union International were the top two shareholders having control over 25% and 16% of the company’s shares respectively. While founder Ashok Narayan Hariharan holds close to 16%, co-founder Vineet Jawa holds over 3% of IDfy’s shares.