![IDfy unveils suite to assist companies in adhering to the DPDP Act IDfy unveils suite to assist companies in adhering to the DPDP Act](https://varindia.com/public/storage/news/2024/07/zOVsFe2s2SRonCt0O3MCEn5NYsS9475bAm7ozJQM.webp)
A privacy and compliance suite has been released by online identity verification platform IDfy to assist companies in fully complying with the Digital Personal Data Protection Act. The Privy suit from the Mumbai-based business will include modules for permission governance tools, personal data discovery solutions, and immediate compliance checks. Since its founding, IDfy claims to have served over 1,500 clients and performed over 2 million verifications every day.
“The landmark DPDP Act has given the power back to the citizens of the country. The fiduciaries have to now be careful about how they get customer consent and use customer’s data,” said Ashok Hariharan, CEO and Co-founder of IDfy.
IDfy reports conducting over 2 Mn verifications per day and counts companies like HDFC Bank, Axis Bank, Zomato, PhonePe, and Paytm among its clients. The startup operates across India, Southeast Asia, and the Middle East. Earlier this year, IDfy secured $27 Mn in a Series E funding round led by Elev8, with participation from KB Investment and Tenacity Ventures. The company has raised nearly $45 Mn in total funding to date.
The launch of Privy comes as companies prepare for the implementation of the DPDP Act, which was passed in 2023. Non-compliance with the act can result in fines of up to INR 250 crore.
IDfy faces competition in the fraud detection and background verification space from other Indian startups. These include AuthBridge, SpringVerify, Quinfy, Verifacts, and FactSuite, all of which offer various background verification services tailored to the Indian market.
The background verification sector in India has seen increased activity recently. As of 2023, the background verification market in India is valued at approximately $ 360 Mn. The market is anticipated to grow at a compound annual growth rate (CAGR) of around 16.42% from 2023 to 2030, reaching an estimated value of $940 Mn by 2030.
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