Socure Looking to Expand its Operations in India

Socure Looking to Expand its Operations in India

Socure is increasing its presence in Chennai, India. The New York-based identity verification startup first opened its Chennai office in 2017, and is looking to double its headcount from 15 to 30 by the end of 2019, before doubling again to 60 by 2021.

According to Socure CEO Tom Thimot, the Chennai branch will be tasked with core development tasks for the entire lifecycle of its AI-driven identity verification software. The company currently offers Socure ID+ and Aida, with a customer list that includes banks and other financial institutions.     

“The talent pool in India, particularly in Chennai, is a big draw for us,” said Thimot. “We have seen that the employees here also score high in loyalty with attrition rates lower than that in other metros.”

Socure is reportedly hoping to go public in 2021, after achieving a projected $100 million in revenue. The company has previously raised roughly $60 million in venture capital, and launched the third iteration of Socure ID+ back in 2017.

In the meantime, Socure has already spent $1 million staffing its Chennai center, and recently moved to a bigger location to accommodate the upcoming hires.

Sources: The Times of India, The Hindu

June 14, 2019 – by Eric Weiss