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Business News/ Companies / B2B fintech Perfios raises $80 mn from TVG
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B2B fintech Perfios raises $80 mn from TVG

The company aims to use the funds to expand its international footprint and explore inorganic growth opportunities. With this round, the startup has become a unicorn.

Perfios was founded in 2008 and offers financial and data analysis software and tools,Premium
Perfios was founded in 2008 and offers financial and data analysis software and tools,

Fintech startup Perfios on Wednesday said it has raised $80 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. With this round, the startup has become a unicorn (or a company with $1 billion valuation).

The B2B SaaS (Software as a Service) company, which claims to have significant market share in India, also has a presence in South-East Asia, the Middle East, and Africa. The company aims to use the funds to expand its international footprint and explore inorganic growth opportunities. 

"This investment will further help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe," Perfios CEO Sabyasachi Goswami said in the statement, adding that the business has seen steady year-on-year growth with "consistent improvement in the bottomline."

Furthermore, the company will also continue to invest in their comprehensive tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce.

The investment marks TVG’s second direct investment in India and first in the enterprise B2B SaaS space. 

"Our investment in Perfios is in line with our strategy of backing seasoned and visionary management teams in businesses with strong growth potential and a clear competitive edge," said Deepak Dara, senior managing director and head of India at Ontario Teachers’.

With growing opportunities within India's B2B enterprise tech space, Perfios will continue to add new use cases that will position the company for stronger growth prospects and become a leading player in digitization of financial services in India and beyond, said Kelvin Yu, senior managing director and head of Teachers’ Venture Growth in Asia.

Through this investment, TVG India's director Darius Vakil is slated to join the board of Perfios as the nominee of Ontario Teachers’ Pension Plan, as per the statement. The company is backed by other prominent investors such as Bessemer Venture Partners, Warburg Pincus and Kedaara Capital.

This is the second unicorn in 2024. Bhavish Aggarwal's AI startup Krutrim SI Designs became the first unicorn of this year last month after it raised $50 million at a $1 billion valuation.

Perfios turned profitable in FY23 and earned 7.8 crore from a loss of 16.8 crore a year earlier. Its revenues grew nearly 200% to 407 crore in FY23.

Founded in 2008, Perfios offers financial and data analysis software and tools, besides lending solutions for small and medium businesses.

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ABOUT THE AUTHOR
Priyamvada C
Priyamvada is a correspondent at Mint. She writes about startups, emerging businesses and the funding ecosystem. Previously, she worked at Reuters where she extensively covered the travel, transportation and the logistics industries. She is an alumnus of the Asian College of Journalism's Bloomberg program.
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Published: 13 Mar 2024, 12:52 PM IST
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