Perfios acquires IHX to enter health insurance tech

B2B SaaS fintech company Perfios has acquired healthcare information exchange IHX to strategically expand its technology stack into the health insurance claims ecosystem.

IHX has raised around $2.58 million to to date from LogX Venture Partners and Quik Solutions

This marks the Bengaluru-based company’s third acquisition in the last three months, as it continues to broaden its capabilities across the banking, financial services, and insurance (BFSI) sector.

According to Perfios, it intends to integrate its data intelligence and analytics capabilities with IHX’s platform to improve claim processing speed, operational visibility, and real-time decision-making for hospitals, insurers, and patients, while leveraging its network of 30,000 hospitals and 30 insurers.

As per the acquisition, IHX will continue to operate independently under its own brand and leadership, similar to Perfios’ previous acquisitions.

Co-founded in 2020 by Mayank Tiwari, Ajay Bakshi, Sanjay Kalra, Ambuj Kashyap and Mahesh Nagaraj, IHX is a healthcare data exchange company that operates as a digital healthcare data platform and exchange, connecting various stakeholders in the healthcare ecosystem, including hospitals, payers, and diagnostic labs. It focuses on facilitating data exchange, managing consent, and providing actionable insights through AI/ML capabilities.

IHX claims that it processes over 40% of India’s cashless health insurance claims, managing over 10 million transactions annually and representing $1 billion in claim value. Its platform connects 30,000 hospitals across 1,200 locations with more than 30 insurers, including names like Reliance Hospital, DY Patil Hospital, MGM Healthcare, and Jaslok Hospital.

Earlier, in 2022, Perfios had acquired Karza Technologies and FintechLabs Technologies. A year later, it acqui-hired Chennai-based Fego.ai, a behavioural financial insights startup. The acquisition of IHX follows its earlier deals to acquire Clari5, a banking fraud detection platform, and CreditNirvana, an AI-powered debt collections and recovery platform, both in 2025.

Perfios currently operates across 18 countries and is expanding its international footprint. Its revenues rose 37% year-on-year to Rs 558 crore in FY24 from Rs 407 crore in FY23.