AuthBridge has raised $7 Mn (around Rs 52 crore) in a Series B funding round by private equity (PE) firm Phi Capital, becoming their latest investment through their Phi Capital Growth Fund (PCGF). The identity management and authentication startup will use the freshly-infused capital in technology advancement, strengthen its workforce and launch new product lines.
The Gurugram based company has over 1500 clients across 30 sectors. In August, it was recognised by the National Association of Software and Service Companies (NASSCOM) as the top innovator in artificial intelligence (AI) for enabling a contactless world.
"This investment is a testament to our efforts in paving the road for the authentication ecosystem in India. The capital raised will go towards scaling technology innovation, hiring top talent, and launching new products to add value to our clients,” said Ajay Trehan, Founder & CEO, Authbridge."
AuthBridge's biggest revenue generator for the business is its portfolio of workforce solutions. It aims to help employers do quick and efficient background checks.
In October, AuthBridge raised a series A investment from Infinity Alternatives and the new investment is part of a larger umbrella to strengthen workforce and enable technological advancement.
Authbridge is now part of a funding portfolio which includes Arya Vaidya Pharmacy, Classic Legends (Parent Company of Jawa Motorcycles), Krsnaa Diagnostics and Minda Corporation Limited (MCL), the companies which have been invested in through the Phi capital growth fund. According to the statement, it has invested in companies like Mahindra First Choice Wheels Ltd, and TVS Credit through earlier vehicles and plans to look for more.
“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," said Anupam Thareja, Founder and Managing Partner, Phi Capital.