KYCKART, India's integrated digital verification and fraud analytics platform for the BFSI sector, marked five years of operations in June. The company scaled from its first insurance client to USD 1 million in annual recurring revenue (ARR), secured four government and regulatory licenses, and built real-time verification infrastructure now used by over 250 banks, NBFCs, insurers, and fintechs across India.
Addressing Infrastructure Gaps
Five years ago, verifying a loan applicant's identity often required a field agent, and onboarding a new insurance customer took three to five working days. Collections teams had no reliable way to confirm customer details. KYCKART was incorporated in June 2021 to build integrated, source-authenticated infrastructure to resolve these issues at scale. Co-founded by Lokesh Chaudhary (CEO) and Anshu Singh (CTO), the company brought over 25 years of combined domain expertise to the problem.
Building for Compliance
KYCKART prioritized compliance-grade deployment from day one. Within months, it achieved ISO 9001 and ISO 27001 certifications. By October 2021, Reliance General Insurance became its first major insurance client, followed by ICICI Bank as its first banking client. The company focused on real-time verification against primary government sources with complete, timestamped audit trails.
Growth and Milestones
KYCKART's ARR grew consistently, reaching USD 1 million annually by January 2025. In November 2025, it received a Data Service Provider (DSP) license from the Reserve Bank of India's Innovation Hub (RBIH). Aadhaar Offline Verification Seeking Entity (OVSE) and Unified Logistics Interface Platform (ULIP) licenses followed in April 2026. The company was certified a Great Place to Work in February 2026. Today, it serves 250+ clients with 99.9% platform uptime.
Lokesh Chaudhary, Co-founder and CEO, said: "When we started KYCKART, the verification problem in Indian BFSI was treated as a cost of doing business. We believed these were infrastructure gaps. Five years on, that belief has been validated." Anshu Singh, Co-founder and CTO, added: "What didn't exist was a platform that unified building blocks intelligently for BFSI compliance workflows. We built to that standard from the start."
Growing Demand
India's digital lending market has grown at over 30% CAGR since 2021. The Account Aggregator framework, the Digital Personal Data Protection (DPDP) Act, and expansion of formal credit into Tier 2 and Tier 3 India have increased verification requirements. Financial fraud has also professionalized, with synthetic identity fraud and AI-assisted document forgery outpacing traditional checks. KYCKART's infrastructure is now a baseline requirement for responsible operations at scale.
Future Plans
KYCKART's licensed capabilities extend into areas nascent in 2021. The RBIH DSP license enables deeper integration with India's BFSI ecosystem, while Aadhaar OVSE and ULIP licenses support vehicle-finance recovery and logistics-linked workflows. The roadmap includes continuous portfolio monitoring, AI-assisted fraud detection, and expanded reach into insurance and fintech segments. Hiring across engineering, fraud analytics, and client success is underway. The company builds in compliance with the Digital Personal Data Protection Act 2023 and its 2025 Rules.
About KYCKART
KYCKART is India's integrated digital verification and fraud analytics platform for BFSI organizations, covering Digital Onboarding, Fraud Intelligence, and Collections Intelligence. It is backed by the Startup India Seed Fund Scheme (SISFS), Government of India (2022). The platform is ISO 9001 and ISO 27001 certified; an RBIH Data Service Provider, Aadhaar OVSE, and ULIP licensee; and a certified Great Place to Work. KYCKART serves 250+ clients with 99.9% platform uptime.
