November 11, 2024: Equal has raised $10 million at a valuation to $80 Million in a Series A round to augment its business operations, expand partnerships, and develop a digital data-sharing frameworks.
Equal, an Identity and data-sharing platform established in 2022 by Keshav Reddy and Rajeev Ranjan, is a secure data-sharing platform that enables businesses to streamline Know Your Customer (KYC) processes, prevent fraud, and maintain regulatory compliance. It accomplishes this by integrating with over 50 identity databases and over 4,000 API providers to facilitate verification and data-sharing.
Apoorve Goyal, Managing Director, India Investments, Prosus, said “With its strategic investment in OneMoney AA, Equal is leveraging India’s unique digital public infrastructure to build a secure and scalable platform that addresses the urgent need for frictionless and consent-driven data sharing in today’s digital landscape. We believe in Keshav’s vision to drive financial inclusion through innovative technology, and are excited to support Equal’s growth as it continues to lead this transformation.”
Equal fortifies Partnership with OneMoney
“Our journey is rooted in the idea that secure, consent-driven data sharing can unlock new opportunities for all Indians. With this fundraise, and our partnership with OneMoney, we are committed to creating an ecosystem where every Indian and business can confidently take control of their data, fostering a more equitable and empowered digital future for India,” said Reddy, Founder of Equal.
Reddy is an earstwhile venture capitalist with an expertise in guiding investments across more than 30 tech firms, including unicorns like CRED, Upstox, Hive, Genies, and Chipper Cash. Ranjan, with over 15 years of technical leadership, was previously the Director of Engineering at Swiggy and served nearly a decade at Amazon, progressing to technical advisor to the India Payments CTO.
In August, Equal partnered with Account Aggregator OneMoney to enhances its platform by incorporating consent-driven financial data sharing.
According to the company statement the funding was spearheaded by PayU investor Prosus Ventures, Zupee-backer Tomales Bay Capital, and founder Keshav Reddy. Blume Ventures, DST Global, Quona VC, and notable industry leaders like Nikhil Kamath, Binny Bansal, and Kunal Shah also participated in the investment round
