Bridging Trust Gaps: IndiaMART’s Move into Identity Verification Solutions
Mumbai, India – May 29, 2024 – IndiaMART, India’s largest online B2B marketplace, has announced an investment of INR 89.7 Crore in Baldor Technologies Private Limited (IDfy), acquiring a 10% minority stake.
Founded in 2011, IDfy is an Integrated Identity Platform that offers products and solutions for KYC, background verifications, risk mitigation, digital onboarding, and digital privacy. IDfy aims to establish trust while delivering a seamless experience for employees, customers, and partners by combining enterprise-grade technology with the industry’s widest breadth of offerings. With over 12 years of experience and 2 million verifications per day, IDfy is a pioneer in its field.
Commenting on the investment, Mr. Dinesh Agarwal, Founder and Managing Director of IndiaMART, emphasized the importance of IDfy’s services in today’s business environment. “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,” he stated. Mr. Agarwal further highlighted the importance of such services in enabling secure and reliable transactions, which are crucial for the growth and sustainability of businesses in the digital age.
Ashok Hariharan, CEO of IDfy, expressed enthusiasm about the collaboration. “MSMEs are the backbone of any economy. We are thrilled to collaborate with IndiaMART to empower MSMEs and expand their businesses while effectively managing risks and fraud. This partnership leverages 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. We are looking forward to working closely with Mr. Dinesh and the entire IndiaMART team.”
The strategic partnership between IndiaMART and IDfy promises mutual benefits, leveraging each other’s strengths for significant advantages.
