AuthBridge, which offers identity authentication products, on Sunday said it has raised $7 million (about Rs 52.6 crore) in funding from Delhi-based Phi Capital. The Series B funding is directed through Phi Capital Growth Fund (PCGF)-1, a statement said.
The capital raised will be leveraged to invest in technology, strengthen workforce, and launch new product lines to add value to its clients, the company added.
The latest fundraise comes in quick succession of AuthBridge's series A round (undisclosed amount) in October from Infinity Alternatives. The Gurugram-based company 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 1,500 clients across more than 30 sectors, including Fortune 500 and Indian unicorns (companies with over $1 billion valuation).
''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,'' AuthBridge founder and CEO Ajay Trehan said.
The capital raised will go towards scaling technology innovation, hiring top talent, and launching new products to add value to clients, he added.
''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,'' Anupam Thareja, founder and Managing Partner of Phi Capital, said.
(With inputs from PTI)
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