Online B2B marketplace IndiaMART has announced a strategic investment of Rs 89.7 crore in Baldor Technologies, known as IDfy. This move secures a 10% minority stake in IDfy, marking another significant investment in IndiaMART's expanding portfolio of business enablement solutions.
IDfy, established in 2011, is a comprehensive identity verification platform providing services such as KYC (Know Your Customer), background verifications, risk mitigation, digital onboarding, and digital privacy solutions. With over a decade of experience and handling more than 2 million verifications daily, IDfy said it has built a robust reputation for delivering secure and efficient verification services.
The company said that the strategic partnership with IDfy aligns with IndiaMART's vision to enhance trust and authenticity in business transactions. 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.”
“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,” Ashok Hariharan, CEO, IDfy said. This collaboration is expected to leverage IDfy's advanced verification technology and IndiaMART's extensive network to enhance the overall business ecosystem for small and medium enterprises (SMEs).
IndiaMART said it has been strategically investing in various startups to broaden its service offerings and enhance its ecosystem. These investments have primarily targeted sectors such as accounting, logistics, and marketing, providing comprehensive business solutions to SMEs. Previous investments include substantial stakes in companies like Vyapar, Busy Infotech, and EasyEcomm, which offer diverse solutions from GST billing and accounting to e-commerce integrations.
By integrating IDfy's verification services, IndiaMART aims to provide its users with more secure and reliable business transactions, addressing a critical need in the digital marketplace. This investment is part of IndiaMART's broader strategy to create a holistic business environment, ensuring sustained growth and customer trust.
