Indian Identity Verification Startup Equal Raises $10M Series A, Valued at $80M

Hyderabad-based identity verification company Equal has secured $10 million in Series A funding, achieving a post-money valuation of $80 million. The funding round was led by Prosus Ventures and Tomales Bay Capital, with participation from existing investors.

Founded in 2016 by Keshav Reddy and Rajeev Ranjan, Equal operates in India’s rapidly expanding digital identity verification sector, which has seen significant growth following the implementation of stricter Know Your Customer (KYC) regulations by the Reserve Bank of India. The company has developed an integrated platform that connects with over 50 identity databases and more than 4,000 API providers to facilitate identity verification, fraud prevention, and regulatory compliance.

The funding round attracted notable investors including Blume Ventures, DST Global, Quona VC, and Gruhas VC. Several prominent industry figures also participated, such as Flipkart co-founder Binny Bansal, Dream11 founder Harsh Jain, Cred founder Kunal Shah, and Adani Ports managing director Karan Adani.

Equal’s recent strategic investment in OneMoney, an account aggregator platform operating under India’s Account Aggregator framework, has expanded its capabilities in secure data sharing. The combined entities now process over 64 million monthly transactions while serving more than 250 clients nationwide.

“We are building three major technology stacks catering to different needs of companies – one is banking and financial services, second is an employment stack and third is the consumer tech stack,” explained Keshav Reddy, Equal’s founder. “These stacks leverage India’s digital public infrastructure to provide comprehensive verification solutions.”

Apoorve Goyal, managing director of India Investments at Prosus, emphasized the strategic importance of Equal’s platform: “With its strategic investment in OneMoney AA, Equal is leveraging India’s unique digital public infrastructure to build a secure and scalable platform that addresses the urgent need for frictionless and consent-driven data sharing in today’s digital landscape.”

The company currently serves over 350 major business clients, including TVS Credit, Larsen & Toubro, and Upstox. Operating from its headquarters in Hyderabad with sales offices in Bengaluru and Mumbai, Equal employs approximately 65 people. The fresh capital will be used to scale operations, establish strategic partnerships, and enhance its integrated digital framework for India’s data-sharing ecosystem.

Sources: Finance Outlook India

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November 11, 2024 – by the ID Tech Editorial Team