New Delhi, June 16 -- Baldor Technologies Pvt Ltd, the company behind the identity verification and digital onboarding platform IDfy, expects to be in a position to pursue a public listing within three years as it expands internationally, strengthens its risk intelligence products and builds a more diversified business, a top executive told VCCircle.
"Within about three years, we should be in good shape to be ready for an IPO. We want to get to a place where we can push a button and go IPO whenever we want to," Ashok Hariharan, co-founder and chief executive officer of IDfy, said in an interview.
The company, which has been profitable for the last three years, expects FY27 to be a stronger growth year after posting revenue growth of around 25% in the financial year through March 2026. The company's consolidated revenue from operations rose to Rs 231 crore in FY26 from Rs 185 crore in FY25.
Hariharan said revenue growth in the current fiscal year is expected to be faster, driven by rising demand for privacy and data governance solutions, expansion in overseas markets and growing adoption of its risk assessment products. He added that IDfy will explore a mainboard IPO after crossing Rs 500 crore in annual revenue.
Product portfolio
Founded in 2011, IDfy started as a background verification platform before expanding into digital onboarding, fraud detection, risk intelligence and privacy compliance. Today, the company operates across three core platforms: onboarding, risk and fraud, and privacy and data governance.
"We wanted to build a trust stack for India and essentially be a trust broker wherever an individual, entity or asset is interacting with another individual or entity," Hariharan said.
IDfy currently conducts 70-80 million onboardings every month and works with more than 500 enterprise customers across sectors including banking, financial services, e-commerce, logistics and insurance. The company claims to conduct over 500 million checks annually.
According to Hariharan, privacy and data governance will be one of the company's biggest priorities over the next 12 months as businesses prepare to comply with India's evolving data protection regime.
International expansion is another key focus area. IDfy currently derives about 20-22% of its revenue from overseas markets, up from almost zero two years ago. It plans to increase that share to 30-35% before it is ready to go public.
The Philippines has emerged as one of the company's strongest international markets, where Hariharan claims IDfy is the market leader. The company is also doubling down on the Middle East despite geopolitical uncertainties in the region.
"We want to have a fairly large international footprint before we go IPO so that we have diversification on the international side as well," Hariharan said, adding that the company wants predictable growth, diversified revenue streams and balanced exposure across industries and geographies before considering a listing.
"BFSI (banking, financial services and insurance) is about 40% of our revenue today. We want to make sure there are no significant shocks to the system if regulations change or a particular sector slows down," he said.
The company currently employs around 800 people across Mumbai, Bengaluru, Pune and Manila.
While IDfy has no immediate plans to raise fresh capital, it continues to evaluate acquisition opportunities in adjacent risk and fraud categories as well as international markets.
Hariharan said the company still has capital available from previous fundraises and would only seek additional funding if a sizeable acquisition opportunity emerges.
Earlier this year, IDfy raised $52.5 million (around Rs 476 crore) in a funding round comprising primary and secondary components. The round was led by Neo Asset Management's Neo Secondaries Fund and saw participation from existing investors including Blume Ventures, Analog Capital, Elev8, IndiaMART and Kae Capital.
Published by HT Digital Content Services with permission from VC Circle.