In a significant move to enhance its digital offerings and reinforce its commitment to empowering businesses, IndiaMART, India’s largest online B2B marketplace, announced an investment of INR 89.7 Crore in Baldor Technologies Private Limited, better known as IDfy. This strategic investment secures a 10% minority stake in IDfy for IndiaMART, marking a pivotal development in the landscape of digital business solutions in India.
Founded in 2011, IDfy has established itself as a leading Integrated Identity Platform, offering a comprehensive suite of products and solutions designed for KYC (Know Your Customer), background verifications, risk mitigation, digital onboarding, and digital privacy. IDfy’s mission to establish trust while delivering a seamless experience for employees, customers, and partners aligns perfectly with the evolving needs of the digital economy. With over 12 years of industry experience and the capacity to perform 2 million verifications daily, IDfy is a pioneer in its field, combining enterprise-grade technology with the broadest range of offerings in the industry.
Dinesh Agarwal, Founder and Managing Director of IndiaMART, underscored the importance of IDfy’s solutions in today’s business environment. “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,” said Mr. Agarwal. He further emphasized that services like those offered by IDfy are crucial for enabling secure and reliable transactions, which are fundamental for the growth and sustainability of businesses in the digital age.
The partnership between IndiaMART and IDfy is poised to be mutually beneficial, leveraging the strengths of both companies to provide substantial advantages to their customers. IndiaMART’s vast network and digital marketplace platform will offer IDfy unparalleled access to a large customer base, particularly small and medium-sized enterprises (MSMEs), which form the backbone of the Indian economy.
Ashok Hariharan, CEO of IDfy, expressed his enthusiasm about the collaboration. “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,” he stated. Mr. Hariharan highlighted that the partnership leverages the strengths of IDfy’s expertise with IndiaMART’s forward-thinking vision, marking a new chapter of growth and innovation for IDfy. “This investment from IndiaMART signifies a pivotal moment for IDfy. We are looking forward to working closely with Mr. Dinesh and the entire IndiaMART team,” he added.
The strategic investment comes at a time when the digital transformation of businesses is accelerating. The COVID-19 pandemic has underscored the need for robust digital infrastructure and secure, reliable verification processes as businesses increasingly move online. IDfy’s advanced solutions will enhance IndiaMART’s capabilities in providing secure digital transactions, ensuring that businesses can operate with greater trust and efficiency.
IndiaMART’s investment in IDfy is not just a financial transaction but a strategic move to strengthen its digital ecosystem. By integrating IDfy’s cutting-edge verification and authentication solutions, IndiaMART aims to provide its users with enhanced security and trust in their business dealings. This alignment of goals and capabilities is expected to foster innovation and drive growth in the digital marketplace.
Moreover, this partnership highlights IndiaMART’s commitment to supporting the MSME sector, which is crucial for the country’s economic development. By equipping MSMEs with the tools they need to manage risks and fraud effectively, IndiaMART and IDfy are contributing to the creation of a more resilient and trustworthy business environment.
