ID verification company Equal bags $10 million in first institutional raise
Equal has secured $10 million (about Rs 84 crore) in its first institutional fundraising, led by Prosus Ventures, Tomales Bay Capital and its founder Keshav Reddy.
After the round, the startup achieved a valuation of $80 million, the company said in a statement.
Reddy, the scion of the GVK family, which runs the GVK Group, founded Equal in 2016 with Rajeev Ranjan, who was previously director of engineering at Swiggy.
Equal is building a platform which helps businesses streamline their know your customer (KYC) processes and prevent fraud, thereby assisting in regulatory compliance through integration with about 50 identity databases.
Besides large institutional investors, a bunch of prominent industrialists and some other funds participated in the round.
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