Reportedly, Perfios, a fintech SaaS startup based in Bengaluru, has entered the unicorn startup club after securing $80 million in funding from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan.
Although the startup has not disclosed its valuation, a Business Standard report indicates that the funding round values Perfios at over $1 billion. This achievement makes Perfios India’s second unicorn of 2024 following Bhavish Aggarwal’s AI startup Krutrim.
Before this funding round, Perfios had raised $229 million in a Series D funding round led by Kedaara Capital.
Expanding its international presence and advancing its technology
The newly acquired capital is designated for further international expansion and reinforcing Perfios’ global footprint. The startup intends to continue enhancing its technological infrastructure to support seamless customer journeys across banking, insurance, and embedded commerce.
Considering inorganic growth amidst IPO aspirations
Perfios has expressed interest in exploring inorganic growth opportunities as part of its strategic roadmap. This approach comes at a crucial juncture as the company weighs the possibility of a $500 million IPO on Indian bourses.
Sabyasachi Goswami, CEO of Perfios, expressed gratitude to all partners who have supported the company’s journey thus far. Goswami stated, “This investment will further help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe. I am glad to have Teachers’ Venture Growth as a new investor in our Perfios family.”
Financial performance and operations
In the previous fiscal year, Perfios reported significant revenue growth, from Rs 136 crore to Rs 407 crore in FY23. The company’s disciplined approach to expenditure enabled it to achieve a profit of Rs 7.8 crore in FY23, marking a noteworthy recovery from a loss of Rs 16.8 crore in FY22.
Perfios’ core operations
Established in 2008, Perfios delivers software solutions to the banking, financial services, and insurance sectors across 18 countries. The startup aids financial institutions in streamlining various processes, including customer onboarding, decision-making, underwriting, and monitoring, thereby enhancing efficiency and speed.
Perfios provides a vast amount of data, approximately 8.2 billion data points annually, to assist banks and other financial entities in making quicker decisions. Moreover, it manages a substantial number of transactions, around 1.7 billion, with an Asset Under Management (AUM) of $36 billion annually.
