The company, which is one of the largest startups in the regulatory technology space, claims that it is authenticating more than 2 lakh users every week only on Dream11, which is currently riding on the popularity of cricket and the Indian Premier League tournament.
Dream11 allows users to create virtual cricket teams of the official teams that are playing matches during the IPL season and win money based on the performance of the players, which gets parked in the Dream11 wallet. To withdraw this money from the wallet, consumers need to authenticate themselves, which is when IDfy steps in.
“We have seen very strong growth in this segment of consumers and expect this number to grow further as the cricket season intensifies from now on,” said Wriju Ray, chief business officer, IDfy.
Speaking with ET, Ray explained that Dream11 operates a closed loop wallet which is not accepted outside the app environment, hence consumers might want to withdraw the amount they have won directly to their bank account.
“We have to confirm the identification of the consumer, check for forgery in bank account documents or ID documents and also determine age and state of residence to authenticate one,” said Ray.
As per gaming rules in India, there are multiple states where these games are not allowed, hence consumers from those states cannot ideally participate in Dream11 tournaments.
Besides virtual cricket, IDfy also authenticates users for games like poker and rummy in order to prevent impersonation and ensuring that only players of verified age along with authenticated documents are playing and earning money from these platforms in order to abide by government regulations.
Founded in 2011 by Ashok Hariharan, Vineet Jawa, and Wriju Ray, IDfy claims to be doing close to 10 million authentication transactions per month. It also works with several other gaming platforms like Pokerbaazi, Rummybaazi, Rummycircle, and Ace2Three among others. The company counts venture capital firms Blume Ventures and NEA among its investors.