Indian fintech IDfy raised ₹476 crore (approximately US$52.3 million) to expand its identity verification and risk management business.

The round was led by Neo Asset Management Pvt. Ltd. and included a mix of primary capital and secondary share sales.

Existing investors Blume Ventures, Analog Capital, Elev8 Venture Partners, IndiaMART InterMESH Limited and Kae Capital also participated.

IDfy said the fresh capital will support international expansion, strategic acquisitions and further development of its digital trust and privacy offerings.

Founded over a decade ago, IDfy provides identity verification, digital onboarding and risk management solutions to enterprises across sectors including banking, fintech and e-commerce.

The company now serves over 1,500 enterprise clients and processes more than 500 million checks annually.

Its product suite includes tools for know-your-customer and know-your-business compliance, background screening, fraud detection and onboarding workflows delivered through APIs and SaaS platforms.

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