Fintech company Perfios becomes India’s 2nd unicorn of year

Mar13,2024



Mumbai: India has made a new invention unicorn,
B2B SaaS Fintech Firm Perfios has raised $80 million in new funding from Teachers Venture Growth at a valuation of more than $1 billion, joining the ranks of unicorn startups.
TVG is the late stage venture and growth investment arm of the Ontario Teachers' Pension Plan.
To promote the broader ecosystem, perfios It is the second startup to achieve unicorn status this year after Bhavish Aggarwal's AI venture Crutrim. Perfios did not provide specific details on the valuation.
The fresh funding is an extension of its previous investment round launched in September 2023, in which it had raised $229 million from private equity firm Kedaraa Capital through a mix of primary fundraise and secondary sale, sources said.
Based in Bengaluru, Parfios serves the banking, financial services and insurance sectors in 18 countries. The company's technology-driven software products and platforms help its BFSI clients simplify and enhance various processes such as underwriting, monitoring and onboarding. Perfios claims to provide 8.2 billion data points to banks and financial institutions every year to enable them to make better decisions.
The company will use the funds to expand its global footprint and explore inorganic opportunities. It already has a commercial presence in Southeast Asia, the Middle East and Africa. “This investment will help strengthen our partners’ digital transformation journey, empower financial inclusion and provide access to financial services to billions of people around the world,” said Sabyasachi Goswami, CEO of Parfios.
The development comes as a boost to the broader startup industry which is facing a slowdown in funding.



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