OnGrid Completes Acquisition of IDcentral, Expands Identity Verification Capabilities
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OnGrid, a leading digital trust platform, today announced the successful acquisition of IDcentral - division of Subex, a renowned identity verification platform specializing in KYC, ID verifications and real-time liveness checks.
Started by IIT Bombay alumni Piyush Peshwani and Vineet Bansal in 2016, OnGrid operates in the space of digital trust, safety, accountability and compliance. OnGrid’s technology solutions around verifications, background checks and KYC are used by 3000 organizations.
"The divestment of IDcentral to OnGrid represents a significant milestone in our innovation journey," said Nisha Dutt, CEO of Subex. "We are proud to have incubated IDcentral and nurtured it to a point where it can now take its next leap forward. This transaction allows IDcentral to flourish within an ecosystem that perfectly complements its strengths while enabling Subex to intensify its focus on creating AI-driven connected experiences in the telecom industry."
This strategic move strengthens OnGrid's position in the market and reinforces its commitment to providing cutting-edge solutions to its clients. As per OnGrid team, IDcentral's expertise in automated digital user verification will complement Gridlines, OnGrid's real-time API product used for KYC/KYB and alternate underwriting. By integrating IDcentral's advanced technology, OnGrid aims to set new industry benchmarks by offering more robust, efficient, and seamless verification processes at a much lesser cost.
"This acquisition marks a significant milestone in our journey toward innovation and growth", said Piyush Peshwani, Co-founder at OnGrid & eLockr. "We are excited to combine our strengths with IDcentral's expertise to deliver even more comprehensive and reliable verification services to our clients. We believe that digital enrollment into products and services can help millions of people in low-income and low-trust geographies get better access to opportunities, which in turn will lead to upward mobility for them.”
Vaibhav Yadav, Associate Director, Product Management at OnGrid added, "The synergy between OnGrid’s Gridlines API suite and IDcentral will enable us to enhance our technology, expand our reach, and drive innovation. We are confident that this acquisition will open new doors for us and create numerous opportunities for growth and collaboration not just in India, but in other geographies as well."
OnGrid is a leading digital trust platform with over 400 million verifications, KYC transactions and background checks completed for 3000+ organizations. Gridlines by OnGrid is an API suite that offers 150+ verification and KYC / KYB APIs. It empowers organizations to customize their verification processes, reduce fraud risks, and ensure compliance with high ISO/regulatory standards.
Disclaimer: No Business Standard Journalist was involved in creation of this content
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First Published: Sep 11 2024 | 12:43 PM IST
