The capital raised will be leveraged to invest in technology, strengthen workforce, and launch new product lines to add value to its clients.
AuthBridge, India’s largest Authentication player, announced that it has raised $7Mn in a Series B funding round from Delhi-based Phi Capital. The latest investment in AuthBridge is directed through Phi Capital Growth Fund (PCGF)-1. The capital raised will be leveraged to invest in technology, strengthen workforce, and launch new product lines to add value to its clients.
Gurugram-based AuthBridge is one of the leading Authentication companies in India for over 16 years. It offers technology that empowers end-to-end digital platforms to verify, onboard, and manage customers, employees, vendors, and other stakeholders. At present, the company has over 1500 clients across 30+ sectors, including Fortune 500 and Indian Unicorns. Recently, AuthBridge has launched a new-age financial intelligence brand, Fintelle, covering KYC, Risk Intelligence, and other digital journeys for the BFSI sector. The company was recognized by NASSCOM as the top Innovator in AI for Enabling a Contactless World in August this year.
Ajay Trehan, Founder & CEO, AuthBridge said, “We extend a warm welcome to Phi Capital and we are very happy to have them back growth at AuthBridge. With Phi Capital onboard, we further strengthen our investor portfolio and fuel up to grow faster with a solid capital pool and years of shared business knowledge. This investment is a testament to our efforts in paving the road for the authentication ecosystem in India. The capital raised will go towards scaling technology innovation, hiring top talent, and launching new products to add value to our clients.”
Anupam Thareja, Founder and Managing Partner, Phi Capital said, “Phi Capital is thrilled to join the journey of AuthBridge, a home-grown company that is solving the challenges in background verification, KYC and fraud detection while building data and AI-led solutions for risk mitigation. We are confident AuthBridge is going to play a pivotal role in setting standards for a great digital user/employee experience in a post-pandemic era.”
Phi Capital has also made significant investments from Phi Capital Growth Fund (PCGF)-1 in Arya Vaidya Pharmacy, Classic Legends (parent company of Jawa Motorcycles), Krsnaa Diagnostics, and Minda Corporation Limited (MCL).
This fundraise comes in quick succession of AuthBridge’s Series A round in October from Infinity Alternatives. With its cutting-edge technological solutions, AuthBridge is building a robust infrastructure for verification and identity management in India. It has aggressive plans to fuel the business growth in coming months.
Source: Business World