Equal Secures $10 Million Investment to Transform KYC and Fraud Prevention in India
Hyderabad-based startup Equal secures $10 million. This is its first round of big funding. The investment came from Prosus Ventures, Tomales Bay Capital, and Keshav Reddy, who founded Equal. This funding has pushed Equal’s worth to $80 million.
The startup aims to improve the startup ecosystem in India. The need for better KYC (know-your-customer) and fraud prevention is growing in India. Many businesses face fines for not following KYC rules. Equal aims to solve this with simple, strong technology. The company helps with identity verification and makes KYC processes faster and easier.
JOURNEY OF EQUAL
Equal was founded in 2022 by Keshav Reddy. Reddy, part of the GVK Group family, teamed up with Rajeev Ranjan, a former Swiggy director. Their company now serves over 350 clients, including TVS Credit, Larsen & Toubro, and Upstox. Equal’s services make KYC faster and help prevent fraud. The company connects with around 50 identity databases, making work easier for its clients.
Backing from Big Names
This funding round drew attention from big names in business. Along with Prosus and Tomales Bay Capital, others like Blume Ventures, DST Global, and Quona VC also joined. Leading figures from companies like Flipkart, Adani Group, Cred, and JSW Cements also invested in the venture.
Future Plans for Growth
With this funding, Equal has set big goals. The company will use the funds to grow its team and build new partnerships. It also aims to help India’s data-sharing system. Equal is creating three types of technology for different industries: financial services, employment stack, and consumer stack.
Equal also bought a stake in OneMoney. One money is an account aggregator platform. However, this deal is waiting for the Reserve Bank of India’s (RBI) approval. This move shows Equal’s goal to expand in regulated sectors.
Building Trust with KYC
India’s KYC and fraud prevention needs are on the rise. As more people go digital, rules are getting tighter. Equal’s technology aims to keep businesses safe. Its services help reduce risk and boost customer trust.
Currently, Equal has around 65 employees. Its main office is in Hyderabad, with sales teams in Bengaluru and Mumbai. This setup allows the company to support its clients across India.
Equal Secures $10 Million Investment
Equal is reaching clients in many fields. From banks to tech companies, its services fit different needs. The company’s three technology stacks help with financial services, job checks, and consumer tech. Equal Secures $10 Million Investment to Transform KYC and Fraud Prevention in India. This wide range shows Equal’s ability to adapt and serve many types of businesses.
This funding round shows investor belief in India’s identity verification market. Equal’s technology could soon set new standards in KYC and fraud prevention.
As Equal moves forward, it raises a big question: How will these changes shape India’s digital security future?
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