India’s rapid digitization has brought significant benefits but also a surge in cyber fraud, which could reach 0.7% of GDP (over $14 billion) within the next year, according to government estimates. Hyderabad-based startup Equal aims to tackle this issue with its identity verification and financial data-sharing products.

About Equal

Founded in 2021 by Keshav Reddy (son of GVK Group’s Vice Chairman GV Sanjay Reddy) and former Swiggy engineering director Rajeev Ranjan, Equal integrates 50+ identity databases and thousands of APIs to streamline KYC, fraud prevention, and regulatory compliance.

The startup recently acquired a stake in OneMoney, an account aggregator, to enhance its consent-based financial data-sharing capabilities. Equal serves over 350 customers, including SBI, HDFC Bank, ICICI Bank, Reliance Jio, Uber, and Zoom.

Series A Funding

Equal has raised $10 million in Series A funding at a post-money valuation of $80 million. The round was led by Prosus Ventures, with participation from Tomales Bay Capital, Blume Ventures, DST Global, Gruhas VC, Quona VC, and Keshav Reddy himself.

Competitive Edge

While competitors like Perfios, IDfy, and Bureau focus on specific services, Equal positions itself as an aggregator, even partnering with rivals. Upstox, an early customer, processes 350,000 monthly transactions using Equal’s services. Ravi Kumar, Co-founder and CEO of Upstox, highlighted Equal’s cost efficiency and high uptime as key advantages.

Future Plans

Equal plans to scale operations, expand its product suite, and forge strategic partnerships, aiming to become a leading player in India’s fight against digital fraud.

Source: TechCrunch