In Startup50 2016: IDfy helps both companies and individual consumers make decisions about the most important resource at hand, people. The company’s growth, in terms of revenue and gaining traction with users, is impressive and that is the primary reason it has emerged a winner
Founders : Ashok Hariharan, Kaushik Shah And Wriju Ray
Across industries there remains one common resource that is also of paramount importance; people. IDfy, a people-decisioning platform, analyses data both private and public to deliver insights on people. The use for a platform such as IDfy is in many areas including human resources, finance, tenancy and even matrimony. Ashok Hariharan founded Mumbai-based Baldor Technologies Pvt. Ltd. (parent company of IDfy) in 2011 and in 2015, it received a Series-A worth US $3 million in a round led by New Enterprise Associates with participation from Blume Ventures, Faktory Ventures and Beenos. s
A unique mix
IDfy’s screening product uses internal company data and external data on people to determine the best job fit. Some details such as the background a person hails from or the exit strategy a person has used previously help companies decide whom to hire. Its KYC product helps identify people through facial recognition at the time of a transaction and the company’s financial risk management product uses social data to determine credit risk.
A valid offering
In today’s time, validating identity has become critical for all processes and this is an area where IDfy’s product platform is used to determine the authenticity of an individual.
A brisk pace
The company’s pace of growth in the last three years shows that its platform has gained a quick acceptance in the marketplace. In FY 2014, IDfy posted annual revenues of Rs. 20 lakh, this number grew nearly 3x to Rs. 75 lakh in FY 2o15 and in the last fiscal, it posted revenues of Rs. 3.2 crore, indicating a robust growth rate. IDfy’s current monthly recurring revenue is Rs. 1 crore and the founder indicates that the company’s monthly growth rate is at 30 per cent on revenue and user base as it adds nearly 20,000 profiles in a month. For FY 2017, IDfy’s revenue outlook is Rs. 12 crore.
(FY 2016 annual revenue)
(FY 2017 revenue outlook)
(Series-A in 2015 in a round led by New Enterprise Associates with participation from BlumeVentures, Faktory Ventures and Beenos)