Fintech Startup Perfios Becomes Unicorn, Secures $70 Mn Funding At $2 Bn+ Valuation

Fintech Startup Perfios Becomes Unicorn, Secures $70 Mn Funding At $2 Bn+ Valuation

Bengaluru-based fintech startup Perfios is raising close to $70 Mn in a funding round from its existing investors Warburg Pincus and Bessemer Venture Partners. 

The startup is raising the fresh round which seems to be its Series C round at $2 Bn+ valuation, according to Inc42 calculations.

In an extraordinary general meeting held on February 10, 2022, the startup has decided to allow a total of 4,16,336 Series C CCPS to Warburg Pincus, and Bessemer India Holdings. 

Warburg Pincus is infusing close to $55 Mn, while the remaining will be infused by Bessemer.

The startup is also eyeing to raise a debt funding of around $40 Mn in the ongoing year.

The fresh round comes almost after 27 months since it had raised $50 Mn in its Series B round from Warburg Pincus and Bessemer Venture Partners. Back then, the startup reportedly had given exit to several investors. 

Founded in 2009, by V R Govindarajan and Debasish Chakraborty, Perfios is a credit decisioning and analytics startup that operates in B2B and B2C segments. The startup claims to extract, categorize, and analyze thousands of data types in real-time, thus helping financial institutions make lending decisions in a wise manner.

It claims to have over 500 Mn transactions categorized per month, looks into 1,700 data formats, and is supported by 735 institutions. 

The startup has also recently acquired Karza Technologies Private Limited for over $80 Mn.

The startup claims to have a global presence in 18  countries including South Africa, Ireland, Czech Republic, UAE, Bangladesh, Indonesia, among others. 

Perfios on a standalone basis recorded INR 72.5 Cr from its sales in the financial year ending on March 31, 2021. Interestingly its revenue from sales had dropped from the previous financial year i.e., in FY20 when it posted INR 74 Cr from sales. 

In FY21, Perfios posted total revenue of INR 74.5 Cr, a drop from INR 77.5 Cr in FY20. 

However, with low income, the startup’s expenses increased to INR 107.4 Cr in FY21 from INR 104 Cr in FY20. 

While the startup’s employee benefits expense dropped drastically from INR 70.5 Cr in FY20 to INR 60 Cr, its other expenses rose to INR 43.5 Cr in FY21. 

In FY21, the startup’s loss after tax stood at INR 33 Cr, a 23% jump from INR 26.8 Cr in FY20. 

With this, India’s 2022 unicorn club stands at 10. Earlier this week, GraphQL developer platform Hasura had entered the unicorn club after raising $100 Mn led by Greenoaks Capital. 


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