At a post-money valuation of $80 million, identity verification platform Equal has raised $10 million in its Series A fundraising round, which was co-led by Prosus Ventures, Tomales Bay Capital, and creator Keshav Reddy.

Blume Ventures, DST Global, Gruhas, Quona VC, Flipkart cofounder Binny Bansal, Dream11 founder Harsh Jain, CRED founder Kunal Shah, and Adani Ports MD Karan Adani were also involved in the investment.

According to the Hyderabad-based business, the money will be used to expand operations, establish strategic alliances, and create a comprehensive digital framework that would improve India’s data-sharing environment.

The identity verification aggregator Equal, which was founded in 2022 by Reddy and Rajeev Ranjan, assists companies in streamlining KYC. Integrating with more than 50 ID databases and 4,000 API providers protects against fraud and ensures regulatory compliance.

With a 97% KYC processing success rate, the platform promises to support 250+ clients nationwide and facilitate over 64 million monthly transactions.

Commenting on the funding, Reddy said, “With this fundraise, and our partnership with OneMoney, we are committed to creating an ecosystem where every Indian and business can confidently take control of their data, fostering a more equitable and empowered digital future for India.”

The investment is made at a time when the market for digital identity verification in India is expanding significantly. Industry statistics estimate that India’s background verification market is currently worth $360 million and is projected to expand at a compound annual growth rate (CAGR) of 16.42% to reach $940 million by 2030.

Notable investments have lately been made in this sector. IDfy obtained $27 million in Series E fundraising in January 2024, which was led by Elev8 and included Tenacity Ventures and KB Investment. Currently, IDfy manages more than 60 million verifications per month for 1,500 clients, including PhonePe, Axis Bank, and HDFC Bank.

Equal made an undisclosed investment in the account aggregator platform OneMoney in August in order to expand its services by fusing essential identity verification services with safe, consent-driven financial data sharing.

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