Zerodha’s Rainmatter and Groww-backed regulatory tech startup, Digio, is doubling down on international markets, co-founder and CEO Abhinav Parashar told Financial Express.
The Bengaluru-based firm entered the West Asia market last year, and plans to expand into other Southeast Asian markets within a year.
The move marks Digio’s first expansion beyond India, driven partly by higher unit economics abroad and partly by demand from Indian banks looking to onboard NRI customers while meeting both domestic and overseas regulations.
The company is operating in intentional markets through local partners, offering video KYC, face-related fraud detection, ID verification, AML screening and end-to-end digital onboarding workflows.
DPDP Pivot
Separately, Digio is preparing to apply for a consent manager licence under the Digital Personal Data Protection (DPDP) rules when the application window opens in November 2026. Its consent management product, CoTrust, is ready and business integrations are underway. “Our DPDP consent manager is ready, and integrations are going on as DPDP rules acknowledge the consent captured even before the formal timelines in a certain way for existing users,” Parashar said, adding that it’s approach draws on experience running an RBI-licensed account aggregator, which operates on a similar consent-based data-sharing framework.
Profitability Moat
The Bengaluru-based startup has been profitable every year since 2017. In FY25, it posted Rs 50.7 crore in profit after tax on Rs 127 crore revenue. That is more than its three closest competitors earned combined — IDfy (Rs 191 crore revenue, Rs 1.6 crore PAT), HyperVerge (Rs 149 crore revenue, Rs 3.2 crore PAT) and Signzy (Rs 151 crore revenue, net loss of Rs 32.6 crore), according to Tracxn data.
Founded by Parashar (former Flipkart engineer) and Sanket Nayak (former Twitter engineer), Digio was seeded with Rs 2.5 crore by Zerodha in 2016. Groww acquired a minority stake for Rs 95 crore in late 2022 — a strategic move rather than a capital raise. Both are also clients. Parashar said around 65% of demat account openings in India pass through Digio’s platform today. The company processes 250 million identity verifications, 65 million digital signings and 60 crore debits annually, with $15 billion in payments flowing through its systems.