Fintech startup Perfios raises $70 Mn at a valuation of $400 Mn

Fintech startup Perfios has raised around $70 million in its Series C round from existing investors Warburg Pincus and Bessemer India. The Bengaluru-based company had raised $50 million in its Series B round led by Warburg and Bessemer Venture in November 2019.

Perfios has passed a special resolution to allot 416,336 Series C preference shares at an issue price of Rs 12,610 per share to raise Rs 525 crore or $70 million, the company’s regulatory filings show.  Warburg has invested Rs 412.5 crore in this round whereas Bessemer has put in Rs 112.5 crore in this round.

Further, the company has allotted 495,069 optionally convertible preference shares to founders of Karza technologies Omkar Shirhatti, Gaurav Samdaria and Alok Kumar.

According to Fintrackr’s estimates, Perfios has raised the fresh funds at an estimated valuation of Rs 2,955 crore or close to $400 million. The company has raised $126 million to date.

Following allotment, Warburg remains the single largest shareholder with 41.69% stake in Perfios, followed by Bessemer which holds 32.12%. The company’s co-founders – VR Govindarajan and Debashish Chakraborty now hold 7.52% and 7.39% stake respectively. The complete shareholding pattern can be seen below:

The Bengaluru-based startup 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.

The company has acquired more than 100 large clients across various domains such as banks, NBFCs, digital lending platforms, mutual fund companies, insurance companies, human resources in India and abroad. It works with over 200 banks, NBFCs and fintech companies and has a presence in 18 countries globally.

Perfios operating revenue remained stable during the financial year 2021, decreasing 2% to Rs 72.5 crore in FY21 from Rs 74.02 crore in the preceding fiscal year (2020). The startup's expenses increased around 4% to Rs 108.6 crore in FY21 from Rs 104.5 crore in FY20. Parfois had posted a loss of Rs 32.65 crore during the fiscal year 2021, which increased nearly 20% from Rs 27.32 crore in FY20.