Equal Raises $10 Million in Series A to Revolutionize Data Sharing

Equal, a leading data sharing platform, announced today that it has secured $10 million in Series A funding, propelling its mission to transform how data is shared across India. The round was led by Prosus Ventures and Tomales Bay Capital, with participation from a star-studded lineup of investors including Nikhil Kamath (Gruhas VC), Binny Bansal (co-founder of Flipkart), Kunal Shah (founder of CRED), and many other prominent figures in the Indian startup ecosystem. This impressive funding round values Equal at $80 million post-money.

TICE gets you inside details of this funding deal!

Fueling Growth and Partnerships

Equal plans to leverage this fresh capital infusion to accelerate its operational growth, establish strategic partnerships, and develop a robust digital framework that enhances the data sharing landscape in India. The company aims to address the increasing demand for secure and efficient data exchange in a rapidly digitizing economy.

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Building on India's Digital Infrastructure

"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," said Ashutosh Goyal, Head of Investments, India, for Prosus Ventures.

Founded by Keshav Reddy and Rajeev Ranjan, Equal empowers businesses to streamline critical processes such as KYC (Know Your Customer), fraud prevention, and regulatory compliance. The platform achieves this by integrating with over 50 ID databases and a vast network of over 4,000 API providers. This comprehensive approach enables businesses to verify identities, assess risks, and adhere to regulatory requirements seamlessly.

Empowering Users with Control Over Their Data

"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 Keshav Reddy, Founder of Equal.

Strategic Investment in OneMoney

Equal's recent investment in account aggregator OneMoney marks a significant step towards enhancing its offerings. By combining consent-driven financial data sharing with its core identity verification services, Equal provides a holistic solution for businesses seeking comprehensive data solutions.

OneMoney and Equal collectively facilitate over 64 million transactions monthly and serve a diverse portfolio of over 250 clients nationwide. Notably, the company boasts an industry-leading 97% success rate in KYC processing, underscoring its efficiency and reliability.

Read More: Can India's Bootstrapped Startups Thrive Without Venture Capital?

A Vision for a Data-Empowered India

Equal's vision extends beyond simply facilitating data sharing. The company aims to create a data-driven ecosystem that promotes trust, transparency, and empowerment. By enabling individuals and businesses to control their data, Equal is playing a pivotal role in shaping a more inclusive and secure digital future for India.

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