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Perfios turns unicorn with $80 Mn funding from Teachers’ Venture Growth

EntrackrEntrackr · 1y ago
Perfios turns unicorn with $80 Mn funding from Teachers’ Venture Growth
Medial

​​SaaS-based B2B fintech firm Perfios has raised $80 million in a new round from Teachers’ Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. The new round has come after six months of $229 million Series D round for the Bengaluru-based company. With this, the firm has also crossed the $1 billion valuation mark and entered the unicorn club. Perfios plans to continue its international expansion and strengthen its global footprint, while also utilising the funds towards exploring inorganic growth opportunities, the company said in a press release. It will also continue to invest in its tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce. Perfios helps in the aggregation and analysis of financial data such as bank statements, tax data, and business financials to generate reports across the areas of credit assessment, monitoring, fraud, and banking data aggregation. It has acquired more than 100 large clients across banks, NBFCs, digital lending platforms, mutual fund companies, insurance companies, and human resources. With a presence in 16 countries, Perfios claims to empower over 1,000 financial institutions, deliver 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and process 1.7 billion transactions a year with an AUM of $36 billion. B2B SaaS fintech company Perfios has announced a buyback of ESOPs worth Rs 154 crore (approximately $18.5 million) from its 135 current and former employees. With this, Perfios has joined a list of handful of growth-stage companies that have bought back employees’ stock this year. Soon after the previous fundraise, Perfios announced a buyback of ESOPs worth Rs 154 crore (approximately $18.5 million) from its 135 current and former employees. The firm also turned profitable in FY23 while its revenue from operations spiked three-fold to Rs 407 crore in the fiscal year ending March 2023 from Rs 136 crore in FY22. Ahead of FY23, Perfios acquired fintech startup Karza Technologies and the Rs 600 crore acquisition seems to have paid off as the latter alone booked Rs 168 crore in revenue and Rs 51 crore profit after tax in the last fiscal year. Perfios becomes the second unicorn of 2024 from the Indian startup ecosystem. Last month, Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs announced that it raised $50 million at a valuation of $1 billion.

ETtech Deals Digest: Perfios, Lohum deals boost startup funding nearly 3x to $187 million this week

Economic TimesEconomic Times · 1y ago
ETtech Deals Digest: Perfios, Lohum deals boost startup funding nearly 3x to $187 million this week
Medial

Perfios and Lohum, two growth-stage startups, each raised over $50 million in equity-based funding, a rare achievement for companies in this stage. These deals contributed to an overall increase in funding numbers, reaching $186.6 million across 10 deals. While this demonstrated a significant growth compared to the previous year, the volume of deals declined by 41%. Perfios secured $80 million from Teachers' Venture Growth, earning it unicorn status, and Lohum raised $54 million in a funding round led by Singularity Growth Fund. The majority of funding, $103.6 million, was raised in the early stage. Other notable deals include Cureskin, Freed, Sugar.fit, and Kimbal Technologies.

Perfios targets diverse sectors, geographies to double revenue

LivemintLivemint · 1y ago
Perfios targets diverse sectors, geographies to double revenue
Medial

Indian SaaS fintech startup, Perfios, plans to expand into new sectors, such as human resources technology and commerce, in a bid to double its revenue over the next three years. Perfios, which primarily serves the banking, financial services, and insurance sectors, aims to diversify its client base across multiple industries and geographies. The company has recently launched a product for background verification in the HR space and plans to target clients in the commerce sector next. Perfios became a unicorn earlier this year, following an investment of $80 million. It plans to expand into the US and Europe, while strengthening its presence in markets such as West Asia, Africa, and Southeast Asia. Perfios posted operating income of ₹407 crore in FY23, with a profit of ₹7.8 crore. The company is open to acquisitions and is evaluating international opportunities. It is also focusing on financial discipline and governance before potentially listing on the public markets.

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