Hyderabad-based identity verification startup Equal raises $10 million
- Hyderabad-based identity verification startup Equal has raised $10 million in its first round of institutional funding, increasing its valuation to $80 million.
- The funding round was led by Prosus Ventures, Tomales Bay Capital, and founder Keshav Reddy, with participation from notable investors including Flipkart cofounder Binny Bansal and various venture capital firms.
- Founded in 2022 by Keshav Reddy and Rajeev Ranjan, Equal focuses on streamlining KYC procedures and fraud prevention through a platform that integrates with around 50 identity databases.
- Equal plans to use the funds to scale operations, form strategic partnerships, and develop technology stacks for sectors like banking, employment, and consumer tech while aiming to deepen its engagement in regulated domains.
- Currently serving approximately 350 corporate clients and with a workforce of 65, Equal is headquartered in Hyderabad and has sales operations in Bengaluru and Mumbai.
Hyderabad-based identity verification startup Equal has raised $10 million (approximately Rs 84 crore) in its first round of institutional funding.
The round was led by Prosus Ventures, Tomales Bay Capital, and Equal’s founder, Keshav Reddy. Following this investment, Equal’s valuation has climbed to $80 million.
Prominent investors participation
The funding round saw participation not only from institutional investors but also from influential figures in the business world.
Notable contributors included Blume Ventures, DST Global, Quona VC, and Gruhas VC, which is associated with Zerodha cofounder Nikhil Kamath.
Other significant investors were Flipkart cofounder Binny Bansal, Karan Adani from the Adani Group, Cred’s Kunal Shah, and Parth Jindal of JSW Cements.
What does Equal do?
Equal was founded in 2022 by Keshav Reddy, who comes from the GVK family known for the GVK Group, and Rajeev Ranjan, a former director of engineering at Swiggy.
The startup focuses on simplifying know-your-customer (KYC) procedures for businesses, fraud prevention, and compliance with regulations. Its platform integrates with about 50 identity databases, supporting various companies in maintaining efficient KYC processes.
Purpose of fundraising
Equal plans to use the raised capital towards scaling up operations, forming strategic partnerships, and developing a comprehensive framework aimed at boosting India’s data-sharing ecosystem.
“We are building three major technology stacks catering to different needs of companies – one is banking and financial services, second is an employment stack and third is the consumer tech stack,” said Reddy.
In August, Equal made an investment for a strategic stake in OneMoney, an account aggregator platform. This deal is currently awaiting approval from the Reserve Bank of India.
As the company positions itself for future growth, it intends to enter deeper into the regulated domain, pursuing more licenses from financial authorities. “Those plans are still at an early stage right now, but eventually we will get more regulated,” Reddy noted.
Equal currently serves around 350 large corporate clients, including TVS Credit, Larsen and Toubro, and Upstox. With a workforce of about 65 employees, the company is headquartered in Hyderabad and has sales operations in Bengaluru and Mumbai.
Here’s a compiled list of the relevant details from the provided content regarding the startup Equal:
Startup Information
- Startup Name: Equal
- Founded: 2022
- Founders:
- Keshav Reddy
- Rajeev Ranjan
Funding Details
- Funding Amount: $10 million (approximately Rs 84 crore)
- Funding Series: First round of institutional funding
- Post-Funding Valuation: $80 million
Investors
-
Lead Investors:
- Prosus Ventures
- Tomales Bay Capital
- Keshav Reddy (founder)
- Notable Participants:
- Blume Ventures
- DST Global
- Quona VC
- Gruhas VC (associated with Zerodha cofounder Nikhil Kamath)
- Binny Bansal (cofounder of Flipkart)
- Karan Adani (Adani Group)
- Kunal Shah (Cred)
- Parth Jindal (JSW Cements)
Purpose of Fundraising
- Scaling up operations
- Forming strategic partnerships
- Developing a comprehensive framework to boost India’s data-sharing ecosystem
Current Operations
- Serves around 350 large corporate clients, including:
- TVS Credit
- Larsen and Toubro
- Upstox
- Workforce: Approximately 65 employees
- Headquarters: Hyderabad, with sales operations in Bengaluru and Mumbai
Additional Information
- Recent investment: Strategic stake in OneMoney (an account aggregator platform), pending approval from the Reserve Bank of India.
- Plans for future growth and entry into regulated domains with more licenses from financial authorities.
This summary includes all the essential details about the funding, investors, founders, and operations of the startup Equal as mentioned in your provided text.