VC Fund Investments
ID verification co. Equal bags $10-M led by Prosus, Tomales Bay Capital, others
Hyderabad-based identity verification startup Equal has attracted USD 10 million (about INR 84 crore) in its first institutional fundraising, led by Prosus Ventures, Tomales Bay Capital and the company’s founder Keshav Reddy.Other investors in the round include Blume Ventures (via its Founders Fund), DST Global, Quona VC, Gruhas VC (run by Zerodha cofounder Nikhil Kamath), Flipkart co-founder Binny Bansal, Adani group scion Karan Adani, Cred founder Kunal Shah and Parth Jindal (of JSW Cements). Post-investment, the startup achieved a valuation of USD 80 million.Keshav Reddy, part of the GVK group promoter family, had founded Equal in 2016 with Rajeev Ranjan, who was previously director of engineering at Swiggy.Equal is building a platform which helps businesses streamline their know your customer (KYC) processes and prevent fraud, thereby assisting in regulatory compliance through integration with about 50 identity databases.The company plans to use the funds to scale up operations, build new strategic partnerships and develop a generic framework aimed at enhancing the data-sharing ecosystem in India.
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