The Trust Broker: How Ashok Hariharan Built IDfy (Blume Fund I) into a Digital Verification Powerhouse
When we first met Ashok Hariharan more than a decade ago, he had a simple but powerful insight — in India, decisions worth billions of dollars were being made on stereotypes and instincts, not verified facts.
At a time when digital verification barely existed, Ashok saw the problem everywhere: hiring, lending, renting, and more.
This meant that while others chased ecommerce or consumer apps, Ashok chose a harder path: building the trust infrastructure for digital India.
The journey wasn’t easy — selling verification technology to industries that didn't yet recognize the problem meant long sales cycles, almost four near-death moments, and building frugality into the company’s DNA.
Today, IDfy processes over 65 million verifications a month across 7 countries, serves 2,500+ clients, and has grown revenue from ₹25 Cr in FY20 to ~₹200Cr in FY25. The 52% CAGR speaks for itself.
Looking ahead, the next chapter is even more ambitious. Ashok is laying the foundation for a ₹1000 Cr revenue business over the next few years by stacking five growth curves on top of each other:
Growing transaction volumes from existing clients as digitization deepens.
Expanding product adoption by offering more verification, fraud detection, and privacy solutions to existing clients.
Acquiring new clients across new sectors like gig economy, employment marketplaces, and fintech.
Expanding into new geographies.
Launching new product lines like the Privacy and Data Governance platform to tap into emerging regulatory opportunities.
After fourteen years of building deliberately, IDfy now has the momentum and the roadmap to scale into a global category leader.
Here’s our latest Portco Spotlight on IDfy’s journey — from a chance encounter with a skeptical landlady to a digital verification powerhouse.
📖 Full story → https://blume.vc/commentaries/the-trust-broker-how-idfys-ashok-hariharan-built-a-digital-verification-powerhouse
Team Blume