KYC startup Equal raises $10 million in Series A led by Prosus, others
11 Nov 2024, 05:20 PMThe funding will go towards scaling operations, forging strategic partnerships, and developing a digital framework for improving the data-sharing ecosystem in India.
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Equal, data sharing and ID verification platform, has raised $10 million in its Series-A round led by Prosus Ventures, Tomales Bay Capital and its founder, Keshav Reddy, at a valuation of $80 million.
The new round also saw the participation of other investors including Blume Ventures (Founders Fund), DST Global, Quona VC, Gruhas VC (Nikhil Kamath), Flipkart co-founder Binny Bansal, Dream 11 founder Harsh Jain, Adani Ports managing director Karan Adani, Aragen chairman D S Brar, Cred founder Kunal Shah, Titan Capital co-founders Kunal Bahl and Rohit Bansal, JSW Cements managing director Parth Jindal, Avendus Capital co-founder Ranu Vohra, Think Investments CEO Shashin Shah, RTP Global Asia head Galina Chifina, Khatabook founder Ravish Naresh, and Upstox founders Ravi Kumar and Kavitha Subramanian.
The company said that the funding will go towards scaling operations, forging strategic partnerships, and developing a digital framework for improving the data-sharing ecosystem in India.
Founded by Keshav Reddy and Rajeev Ranjan, Equal helps businesses streamline KYC, fraud prevention, and regulatory compliance through integration with over 50 ID databases and over 4,000 API providers. It recently invested in account aggregator OneMoney, enabling Equal to enhance its offerings by combining consent-driven financial data sharing with its core identity verification services.
OneMoney and Equal jointly enable over 64 million monthly transactions and service over 250 clients nationally.
“With its strategic investment in OneMoney AA (account aggregator), Equal is leveraging India’s unique digital public infrastructure to build a secure and scalable platform that addresses the urgent need for frictionless and consent-driven data sharing in today’s digital landscape,” said Apoorve Goyal, managing director, India Investments, Prosus,
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