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HomeBusinessFintech company Perfios becomes India's 2nd unicorn of year

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

MUMBAI: India has minted a new

unicorn

.
B2B SaaS fintech firm

Perfios has raised a fresh $80 million in funding from Teachers’ Venture Growth at a valuation of over $1 billion, joining the ranks of unicorn startups.
TVG is the late stage venture and growth investment arm of Ontario Teachers’ Pension Plan.
In a boost for the broader ecosystem,

Perfios

is the second startup to achieve unicorn status this year after Bhavish Aggarwal’s AI venture Krutrim.

Perfios did not disclose specifics on the valuation.

The fresh funding is an extension of its previous investment round initiated in Sept 2023, wherein it bagged $229 million in funding from private equity firm Kedaara Capital through a mix of a primary fundraise and a secondary sale, sources said.
Based in Bengaluru, Perfios services the banking, financial services and insurance sectors across 18 countries. The company’s tech-powered software products and platforms helps its BFSI clients simplify and scale up various processes like underwriting, monitoring and onboarding. Perfios claims to deliver 8.2 billion data points to banks and financial institutions every year to enable them to take better decisions.

The company will use the funds to expand its global footprint and explore inorganic opportunities. It already has business presence in Southeast Asia, Middle East and Africa. “This investment will further help us in strengthening the digital transformation journey of our partners, powering financial inclusion and providing access to financial services to billions across the globe,” said Sabyasachi Goswami, CEO at Perfios.
The development comes as a boost for the broader startup industry which has been navigating a slowdown in funding.