Hyderabad-based identity verification startup Equal secures $10 million to scale operations
Equal, a cutting-edge identity verification startup based in Hyderabad, has successfully raised $10 million (approximately Rs 84 crore) in its first round of institutional funding. The investment round, which boosted Equal’s valuation to $80 million, was led by Prosus Ventures and Tomales Bay Capital. Equal’s founder, Keshav Reddy, also contributed to the funding round.
Prominent Investors Back Equal’s Growth
In addition to institutional investors, Equal’s latest funding round saw contributions from several prominent business leaders and high-profile investors, including:
- Blume Ventures
- DST Global
- Quona VC
- Gruhas VC, linked to Zerodha cofounder Nikhil Kamath
- Flipkart cofounder Binny Bansal
- Kunal Shah of Cred
- Karan Adani from the Adani Group
- Parth Jindal of JSW Cements
Equal’s Mission: Revolutionizing KYC with Cutting-Edge Technology
Founded in 2022 by Keshav Reddy, a member of the prominent GVK family, and Rajeev Ranjan, a former director at Swiggy, Equal is focused on simplifying the complex Know Your Customer (KYC) process for businesses across India. The startup aims to combat fraud and ensure compliance with stringent regulations through its platform, which integrates with over 50 identity databases.
Equal currently serves around 350 large corporate clients, including well-known companies like TVS Credit, Larsen and Toubro, and Upstox. The platform helps businesses streamline KYC processes, reduce risks, and enhance customer verification procedures.
Plans for Expansion and Strategic Partnerships
With the capital raised, Equal plans to scale its operations, build strategic partnerships, and enhance its platform to meet growing demand. The company’s expansion will focus on creating three key technology stacks:
- Banking and Financial Services Stack
- Employment Verification Stack
- Consumer Tech Stack
These technology stacks are designed to serve various industries, enabling more efficient data-sharing and improving customer verification across sectors.
Equal also recently acquired a strategic stake in OneMoney, an account aggregator platform, which is awaiting approval from the Reserve Bank of India (RBI). This investment reflects Equal’s broader strategy to position itself as a leader in India’s growing data-sharing and digital verification ecosystem.
Future Outlook: Scaling Up and Entering Regulated Markets
Looking forward, Equal aims to deepen its presence in the regulated domain, with plans to secure additional licenses from financial authorities. While these plans are still in the early stages, Equal is poised for future growth in India’s rapidly expanding identity verification and fintech sectors.
Keshav Reddy, founder of Equal, expressed excitement about the company’s prospects: “We are building a comprehensive technology framework that addresses the needs of banking, employment verification, and consumer tech. Our goal is to simplify KYC and improve data-sharing practices across industries.”
With a team of around 65 employees and offices in Hyderabad, Bengaluru, and Mumbai, Equal is set to become a key player in India’s identity verification and KYC space.
