Fintech Perfios raises $70 mn, joins unicorn club

Unicorns are privately-held startups valued at $1 billion or more. Perfios, run by Perfios Software Solutions, is the second Indian startup, after open source platform Hasura, to turn unicorn this week. The Bengaluru-based platform also became the 10th unicorn of 2022 and the first fintech unicorn this year.

Perfios did not disclose its valuation in the latest funding round. According to VCCircle estimates, the latest fundraise values the startup at $4.05 billion.

An email sent to Perfios did not elicit an immediate response.

News website Inc42 reported the story first and pegged the company’s valuation at more than $2 billion.

Perfios said, in its regulatory filing, that it will use the fresh capital to further grow its business, which includes financing acquisitions, capital expenditure and working capital requirements.

As a part of the transaction, Perfios allotted 416,336 Series C Compulsorily Convertible Preference Shares (CCPS) to investors at ₹12,610 each for cash. The valuation was arrived at by multiplying 2,40,87,250 post-issue fully diluted equity shares with the share price of ₹12,610 apiece.

It also allotted 495,069 Optionally Convertible Redeemable Preference Shares (OCRPS) at ₹1,166 each, the regulatory filing showed.

Warburg Pincus, through its affiliate Pear Valley Investment Ltd, invested nearly $55 million, while Bessemer Venture Partners invested $15 million through subsidiary Bessemer India Capital Holdings II Ltd.

Perfios also alloted 2,26,346 OCRPS to Omkar Shirhatti, 2,49,121 OCRPS to Gaurav Samdaria, and 19,602 OCRPS to Alok Kumar. Post the transaction, the company’s co-founders Govindarajan V R and Debasish Chakraborty will hold stakes of 7.51% and 7.38% respectively. Bessemer Venture has a 32.12% stake and Warbug Pincus holds 41.68% in the company.

Perfios, founded in 2008, helps financial institutions in real-time decision-making, analysis and credit underwriting.