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Thursday, January 26, 2023

Indian fintech startup Perfios joins unicorn club with $70M funding rPerfiosound

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Perfios has secured around $70 Mn in a funding round. This makes it the tenth business that has joined the Indian unicorn club in 2022.

Perfios has become a unicorn after raising around $70 million from its current investors Bessemer Venture Partners, and Warburg Pincus.

The Bengaluru-based fintech startup has secured the amount in it Series C funding round.

Earlier this month, the startup announced it will give Warburg Pincus and Bessemer India Holdings a total of 4,16,336 Series C CCPS.

Warburg Pincus is pumping about $55 million, with Bessemer infusing the remainder. In addition, the business intends to raise roughly $40 million in debt funding this year.

The new financing comes nearly 27 months after it raised $50 million in its Series B investment from Warburg Pincus and Bessemer Venture Partners. Several investors were said to have exited the firm at the time.

Perfios is a credit decisioning and analytics firm founded in 2009 by V R Govindarajan and Debasish Chakraborty that operates in both the B2B and B2C segments.

The business claims to extract, categorise, and analyse thousands of data kinds in real time, assisting financial institutions in making sound lending decisions.

It promises to categorise over 500 million transactions every month, examines 1,700 data formats, and is sponsored by 735 institutions.

Karza Technologies Private Limited was also recently acquired by the startup for more than $80 million.

Perfios’ sales in the fiscal year ending March 31, 2021 totaled INR 72.5 Cr on a stand-alone basis. Interestingly, its revenue from sales has decreased from the previous fiscal year, when it earned INR 74 Cr from sales in FY20.

Perfios reported total revenue of INR 74.5 Cr in FY21, a decrease from INR 77.5 Cr in FY20.

However, due to the startup’s low revenues, its expenses grew to INR 107.4 Cr in FY21 from INR 104 Cr in FY20.

While the startup’s employee benefit expense fell dramatically from INR 70.5 Cr in FY20 to INR 60 Cr in FY21, its other expenses increased to INR 43.5 Cr.

The startup’s loss after tax in FY21 was INR 33 crore, up 23 percent from INR 26.8 crore in FY20.

With this, India now has ten unicorns in the year 2022. Hasura, a GraphQL developer platform, joined the unicorn club earlier this week after receiving $100 million from Greenoaks Capital

To date, 96 Indian firms have achieved unicorn valuations, with four more to reach the century mark.

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