- Equal raises $10M Series A to combat rising cyber fraud in India.
- The Hyderabad-based fintech integrates 50+ identity databases and serves 350+ customers.
Hyderabad-based identity verification startup Equal has raised $10 million in Series A funding, positioning itself at the forefront of the fight against digital fraud in India. The investment, led by Prosus Ventures at an $80 million post-money valuation, comes as India grapples with cyber fraud losses projected to exceed $14 billion—approximately 0.7% of the country’s GDP—in 2025.
Founded in 2022 by Keshav Reddy and former Swiggy engineering director Rajeev Ranjan, Equal emerged at a critical time as India faces mounting challenges in digital fraud. The startup has quickly established itself as a critical player in fintech security, offering solutions that streamline know-your-customer (KYC) requirements, fraud prevention, and regulatory compliance.
Equal’s platform connects over 50 identity databases and thousands of API providers, helping businesses struggling with digital verification and compliance. The comprehensive approach has resonated strongly with the market, as evidenced by the company’s impressive client portfolio, which has developed in just two years of operations.
The startup has successfully onboarded over 350 customers, including industry giants such as State Bank of India, HDFC Bank, ICICI Bank, Reliance Jio, Airtel, Uber, and Zoom. This rapid adoption by major financial institutions and technology companies demonstrates the urgent market need for efficient identity verification solutions.
Equal recently acquired a stake in account aggregator OneMoney to enhance its service offerings. The acquisition combines Equal’s identity verification capabilities with OneMoney’s consent-based financial data-sharing infrastructure.
The Indian market for identity verification is becoming increasingly competitive, with established players like Perfios (backed by Warburg Pincus and Teachers’ Venture Growth), IDfy (backed by TransUnion), and Bureau (backed by GMO VenturePartners) also operating in the space.
However, Equal differentiates itself by positioning itself as an aggregator, even partnering with some competitors to provide more comprehensive solutions. A practical example of Equal’s impact comes from Upstox, one of its early customers. The trading platform processes approximately 350,000 transactions monthly through Equal’s system.
According to Upstox’s CEO Ravi Kumar, who has also invested in Equal, the platform’s cost-effectiveness and high uptime make it his preferred choice over building similar technology in-house. The fresh capital injection will scale Equal’s operations, expand its product suite, and help it forge strategic partnerships.
The expansion comes at a crucial time when the Indian government is introducing new regulatory requirements to combat fraudulent digital transactions, often placing additional technical burdens on businesses. Overall, the startup’s growth trajectory aligns with India’s broader digital transformation as the country—now the world’s most populous nation and second-largest internet market after China—becomes increasingly digitally active.
While beneficial for economic growth, the country’s digital shift has also exposed vulnerabilities in the financial system, including threats to government-backed systems like Aadhaar. Equal’s approach to addressing these challenges through technology and partnerships represents a step forward in India’s fight against digital fraud.
By providing businesses with tools to maintain regulatory compliance and streamline operations, Equal is positioning itself as a major player in India’s evolving digital security landscape.
