IndiaMART picks up 10% stake in KYC solutions provider IDfy

IndiaMART, the online B2B marketplace, has invested ₹89.7 crore in Baldor Technologies Pvt Ltd (“IDfy”) for a 10 per cent minority stake.

Founded in 2011, IDfy is an integrated identity platform that offers products and solutions for KYC, background verification, risk mitigation, digital onboarding and digital privacy, and does 2 million verifications per day.

Dinesh Agarwal, Founder and Managing Director of IndiaMART said, “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.”