Perfios raises $80 Mn funding from Teacher’s Venture Growth; Becomes 2nd Unicorn of 2024


Perfios, a SaaS-based B2B fintech startup, has raised $80 million in a fresh round of funding from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan.

The fresh financing comes six months after the Bengaluru-based company raised $229 million in its Series D investment. With this, the company has also passed the $1 billion valuation threshold and joined the unicorn club.

Perfios intends to continue its worldwide expansion and improve its global footprint, while also using the cash to explore inorganic growth prospects, according to a news statement. It will also continue to invest in its technology stack to provide end-to-end customer experiences in banking, insurance, and embedded commerce.

Perfios assists in collecting and analyzing financial data such as bank statements, tax data, and business financials to provide reports in the fields of credit assessment, monitoring, fraud detection, and banking data aggregation. It has over 100 significant clients in banking, NBFCs, digital lending platforms, mutual funds, insurance firms, and human resources.

Perfios, which operates in 16 countries, promises to empower over 1,000 financial institutions, deliver 8.2 billion data points to banks and financial institutions each year to support faster decisioning, and handle 1.7 billion transactions per year with an AUM of $36 billion.

Perfios, a B2B SaaS financial business, has announced the buyback of ESOPs worth Rs 154 crore (roughly $18.5 million) from its 135 current and past employees. Perfios has joined a small group of growth-stage companies that have purchased back employee stock this year.

Following the previous financing, Perfios announced a repurchase of ESOPs worth Rs 154 crore (roughly $18.5 million) from its 135 current and former employees.

The company also became profitable in FY23, with income from operations increasing thrice to Rs 407 crore in the fiscal year ending March 2023 from Rs 136 crore in FY22. Perfios purchased finance firm Karza Technologies before FY23, and the Rs 600 crore investment has paid off, as the latter alone generated Rs 168 crore in revenue and Rs 51 crore in profit after tax in the previous fiscal year.

Perfios becomes the second unicorn of 2024 in the Indian startup sector. Last month, Bhavish Aggarwal’s artificial intelligence business, Krutrim SI Designs revealed that it had raised $50 million at a $1 billion value.

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