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The Indian startup ecosystem managed to raise $724 million through 32 deals. This week's investment was 8.5 percent higher than the $667 million raised last week by Indian startups.
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The startup said that it plans to use this funding to strengthen its product offerings and expand its business and operations. IDfy is growing its business internationally.
Ashok Hariharan, founder and CEO at IDfy, said a billion more people globally are expected to enter the formal economy over the next 5 years.