Exclusive: Fintech startup Perfios raises debt from Stride Ventures

Fintech startup Perfios has raised Rs 50 crore debt from existing backer Stride Ventures. This is the first debt round of the Bengaluru-based company in 2022.

The board at Perfios has passed a special resolution to issue 5,000 Series B2 non-convertible debentures (NCD) to Stride Ventures at an issue price of Rs 1,00,000 per debenture to raise Rs 50 crore or $6.1 million, the company’s regulatory filing with the Registrar of Companies (RoC) shows.

The fourteen-year-old company offers a host of services to financial institutions including income analysis, fraud checks, verification and automated customer onboarding. The company claims to have a presence in over 18 counties, working with around 735 financial institutions.

Perfios had raised $70 million in a Series C funding round in February this year and valued at around $400 million (post-allotment). It has scooped up around $100 million in funding to date.

Currently, Warburg is the largest shareholder in the company with 41.69% stake, followed by Bessemer which holds 32.12% cap table. The company’s co-founders – VR Govindarajan and Debashish Chakraborty own 7.52% and 7.39% stakes respectively.

While Perfios is yet to file its financial numbers for FY22, its revenue from operations decreased 2.1% to Rs 72.5 crore during FY21 from Rs 74 crore in FY20. As per its annual financial statement with the RoC, the company’s losses surged 19.5% to Rs 32.65 crore in FY21 as compared to Rs 27.32 crore in the previous financial year (FY20).

Amid funding winter, several startups have been raising debt funds as it helps founders to get working capital without diluting any equity. The list includes HomeLane, Rebel Foods, Ather Energy, Epigamia, ElectricPe, BeatO, Ayekart, Mobikwik and DaMENSCH among many others.

In August, Stride Ventures had announced the close of its Fund II at $200 million. Yubi, Zepto, Uni, Upstox, Moneyview, Waycool, and HomeLane, among others are its portfolio companies.