Hyderabad startup solving the identity puzzle

Buckle in—Hyderabad’s Equal is shaking up how financial data moves in India, and it’s a story worth your ear. Launched in 2022 by Keshav Reddy and Rajeev Ranjan, this startup’s an identity verification aggregator born to untangle the mess of KYC, fraud checks, onboarding, and compliance that’s long plagued banks, fintechs, and everyday folks trying to tap financial services. “We’re here to make data exchange smooth, secure, and fair,” Reddy told yourstory(a startup news site), his voice carrying the weight of someone who’s seen the gaps up close—years in infrastructure, healthcare, and aviation showed him data’s power, but fintech’s where he found its chokehold. Add Krishna Prasad to the mix in 2024, a tech and security ace from OneMoney, and you’ve got a trio dead-set on cracking this nut. Equal’s not just another startup—it’s a fix for a system where fragmented data has locked out small businesses and regular people from loans or investments, all because the old ways were too slow or too sloppy.

So how’s it work? Equal’s got two engines humming—the KYC Aggregator and the Account Aggregator, both built on an API-first spine that’s all about consent. The KYC side hooks into over 50 ID databases and 4,000+ API providers—government records, private vaults, you name it—spitting out verified identities in a flash to cut fraud and speed up onboarding. Then there’s the Account Aggregator, an RBI-regulated beast that lets banks and fintechs pull your bank statements or investment details instantly, but only if you say yes. It’s not an app you download; it’s a backend humming through merchants—think of it like a secure pipeline where your nod unlocks the flow. Data’s encrypted tight, standardized for clarity, and routed smartly to the best source, whether you’re a lender sizing up a borrower or an insurer fast-tracking a claim. Reddy’s clear on this—“we’re giving you control while making it dead simple for businesses to trust the info.” Their recent stake in OneMoney, an RBI-licensed account aggregator, doubles down on that promise, handing users the reins over their own data.

Here’s where it gets real—Equal’s already moving millions of transactions monthly, with 300 merchants like Larsen & Toubro, TVS, and WeWork plugged in, plus a $10 million Series A haul in 2024 from Prosus Ventures and others, pegging them at an $80 million valuation. That cash, stacked on Reddy’s initial $3 million, is fuel to scale—think insurance, banking, and sharper AI to sniff out risks. They charge per transaction, Rs 2 to Rs 200 depending on the gig, a model that’s snagged big banks and scrappy startups alike. Sure, they’re jostling with players like eMudhra and IDfy, but Reddy says their edge is knitting identity checks and financial data into one seamless platform—plug-and-play for enterprises, compliant with India’s data protection rules. It took two years to find their groove, testing industries before landing on finance and compliance as the sweet spot. By mid-2025, they’re aiming to roll out AI-driven tools that’ll rethink how businesses chew on data, pushing for a future where sharing it’s as easy as breathing—and just as safe.

This isn’t small stakes—Equal’s riding a wave where digital identity’s set to boom from $41.63 billion in 2024 to $159.93 billion by 2031 globally, a 21.2% climb each year. In India, it’s about inclusion—getting SMEs and regular folks into the financial game without the old headaches. Imagine a gig worker in Hyderabad proving their income in seconds, or a rural borrower skipping the paper chase for a loan—that’s the unlock Equal’s chasing. They’re not alone in the race, but their Hyderabad HQ’s a nerve center for a vision that’s less about flashy apps and more about rewiring trust behind the scenes. With Prosus betting big and OneMoney’s muscle in tow, Equal’s not just simplifying data—it’s rewriting who gets a seat at India’s economic table.