Mumbai-based online fraud detection platform IDfy is raising INR 16 Cr (nearly $2.1 Mn) in debt from existing investors Millenna FVCI III, NB Ventures and Dream Incubator as a part of its Series A funding round.
According to the Ministry of Corporate Affairs filings accessed by Inc42, IDfy’s parent company Baldor Technologies Private Limited is proposing to allocate 2,50,270 Series A CCD of a face value of INR 640 for a total aggregate subscription amount of up to INR 16,01,70,800. The board has approved the issue on preferential basis through private placement in a meeting held through private placement.
Of the total capital raised, Millenna FVCI III has infused nearly INR 14.89 ($2.01 Mn) into the company. Dream Incubator has invested INR 74 Lakh ($100K) and NB Ventures has added INR 37.24 Lakh ($50K) in the company. Millenna FVCI III holds 34.15% stake in IDfy on a diluted basis, whereas ND Ventures and Dream Incubator have 5.43% and 5.55%, respectively.