# Veri5Digital

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/veri5digital

- Industry: Software
- Headquarters: Bangalore, India
- Website: www.veri5digital.com
- Total disclosed funding: $2M
- Latest round: Series A (Nov 5, 2018)
- Investors on record: 1

## About

Veri5Digital offers advanced digital solutions for Know Your Customer (KYC) processes, enhancing identity verification and eNACH transactions, primarily for financial institutions.Founded in 2012, Veri5Digital is headquartered in Bangalore, India. The company focuses on digital identity verification solutions, primarily for the banking and finance sectors. The founder, Srikanth Nadhamuni, has a background in technology and entrepreneurship. In November 2018, Veri5Digital secured INR 147.65 million in Series A funding led by Khosla Ventures, bringing the total amount raised to INR 147.65 million, with a current company valuation of INR 1215.986 million.Veri5Digital specializes in a comprehensive suite of digital solutions aimed at enhancing Know Your Customer (KYC) processes, electronic National Automated Clearing House (eNACH) transactions, and identity verification. The company's core offerings include Video Customer Identification Process (V-CIP) for real-time identity verification, Aadhaar-based digital signatures for streamlined KYC compliance, and automated eMandates for managing recurring payments. These products ensure regulatory compliance with standards set by the Reserve Bank of India, Anti-Money Laundering (AML) norms, and the Unique Identification Authority of India (UIDAI), addressing secure customer onboarding challenges for financial institutions and other regulated entities. Veri5Digital’s solutions cater to banks, fintech companies, and licensed organizations across India and emerging markets, facilitating effective digitization of their KYC processes.In 2023, Veri5Digital generated revenue of INR 1,494,438.10 with an EBITDA of INR -58,544.10. The company operates on a subscription-based revenue model, allowing clients to access its KYC and identity verification solutions, which include transaction fees based on the volume of verifications or fixed monthly fees for ongoing access and support. This model positions Veri5Digital well within the growing demand for digital identity solutions in banking and finance sectors.Veri5Digital plans to leverage its recent Series A funding of INR 147.65 million to enhance its product offerings and expand into new markets. The company aims to launch additional KYC products by late 2024, addressing the evolving needs of clients. Expansion into regions beyond India, particularly Southeast Asia, is also on the horizon as the company seeks to tap into emerging markets. The funding raised will be instrumental in supporting these initiatives.

## Funding rounds

- Series A, Nov 5, 2018, $2M — Khosla Ventures

## Investors

- Khosla Ventures (https://capitalatlas.ai/funds/khosla-ventures) — Series A