Fintech Perfios Raises $70 Million, Joins The Unicorn Club

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

Parfios did not disclose its valuation in the latest round of funding. The latest fundraising startup is valued at $4.05 billion, according to estimates by VCCircle.

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

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

Perfios said in its regulatory filing that it will use the new capital to advance its business, including financing acquisitions, capital expenditures and working capital requirements.

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

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

Warburg Pincus through its subsidiary Pier Valley Investment Limited made an investment of approximately $55 million, while Bessemer Venture Partners through a subsidiary Bessemer India Capital Holdings II Limited made an investment of $15 million.

Perfios allotted 2,26,346 OCRPS to Omkar Shirhatti, 2,49,121 OCRPS to Gaurav Samdaria and 19,602 OCRPS to Alok Kumar. Following the transaction, the company’s co-founders Govindarajan VR and Debashish Chakraborty will hold 7.51% and 7.38% stake respectively. Bessemer Venture holds 32.12% and Warbug Pincus holds 41.68% in the company.

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