• | 11:30 am

Perfios raises $80 mn from Ontario Teachers’ arm, joins unicorn club

Software-as-a-service firm becomes second unicorn of the year after Bhavish Agarwal-led Krutrim

Perfios raises $80 mn from Ontario Teachers’ arm, joins unicorn club
[Source photo: Chetan Jha/Press Insider]

Fintech firm Perfios has raised $80 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan (OTPP).

The leading business-to-business software as a service (SaaS) firm will use the amount to fund its expansion in South-East Asia, the Middle East, and Africa.

The company will also continue to invest in its comprehensive tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce, OTPP said, adding that Perfios aligns well with TVG’s strategy of backing strong and experienced management teams that leverage technology to build a compelling value proposition and leading position.

Darius Vakil, director of TVG India is slated to join the board of Perfios as the nominee of Ontario Teachers’ Pension Plan.

“We are excited to partner with Govi, Sabya, and their teams at Perfios. 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,” Deepak Dara, senior managing director and head of India at Ontario Teachers’ said.

Perfios last raised $229 million in a series D funding round from Kedaara Capital in September last year.

The company, which generates an annual revenue of $30.5 million, was valued at $901 million in October 2023, data from startup data platform Tracxn showed.

The valuation of the Saas firm has surged past $1 billion following the latest funding round, making it the second company after Bhavish Agarwal-led Krutrim AI chatbot to achieve unicorn status this year.

“We are believers in the growth of financial services and digitization in India and Perfios – at the intersection of both themes – is positioned to play a pivotal role in the digital transformation of financial services companies in India and beyond,” Dara added.

Kelvin Yu, senior managing director and head of TVG in Asia, said: “Perfios continues to invest behind its market-leading tech stack, adding new use cases that enable the company to be the trusted partner of choice to leading financial institutions globally. We are excited to be a value-added partner to Perfios’ global ambitions.”

Sabyasachi Goswami, CEO of Perfios, said, “Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line. This investment will help us strengthen the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe.”

Ramgopal Subramani, executive director and chief strategy officer at Perfios, said, “We are delighted that the investment from TVG reaffirms Perfios’ strong leadership. TVG’s second direct investment in India and first in enterprise B2B SaaS space inspires us to excel even further.”

Bessemer Venture Partners joined Perfios board in 2017 following the company’s series A fundraising round, while Warburg Pincus made an entry in 2019, and Kedaara Capital’s investment last year.

Founded in 2008 in Bangalore, Perfios operates in 18 countries, offering more than 75 products to aid financial institutions in speeding up credit and financial services access for clients.

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