IndiaMART acquires 10% stake in identity verification platform IDfy for Rs.90-Cr

Publicly listed, Noida-based B2B marketplace firm IndiaMART has acquired a 10% stake for INR 89.7 crore in Mumbai-based identity verification platform IDfy . IndiaMART has acquired 24.69 lakh equity shares primarily through compulsory convertible debentures and compulsory convertible preference shares.IDfy is an integrated identity platform that offers identification products including KYC and background verification, along with risk mitigation, digital onboarding, and digital privacy services.