SaaS fintech startup Perfios secures $80 million from TVG, attains unicorn valuation

Fintech-focused software startup Perfios has secured $80 million from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, the company said on Wednesday.

The funding round has catapulted Bengaluru-based Perfios to a billion dollars in valuation, making it the second company to achieve the unicorn status this year, after Bhavish Aggarwal's artificial intelligence startup Krutrim.

Perfios plans to utilise the funds to explore acquisitions and international expansion. The software-as-a-service startup will also invest in a tech stack to manage customer services across banking, insurance and embedded commerce.


TVG India director Darius Vakil is set to join Perfios’ board as a nominee director.

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

Bloomberg reported in January that the Warburg Pincus-backed startup is considering an initial public offering to raise about $500 million in India at a potential valuation of $2 billion.

ET reported on December 6 that Perfios is chalking out plans to enter the US and European markets in 2024. “There are our onboarding and decisioning (decision-making) capabilities being used in HR and ecommerce industries…These (adjacent industries) can be very significant (opportunity), provided we focus on them,” Goswami had said.

Perfios had also secured $229 million from private equity investor Kedaara Capital through the combination of a primary and secondary share sale.

The startup was founded in 2008. Bessemer Venture Partners joined the company’s cap table in 2017 during a Series A round, while Warburg Pincus invested in the company in 2019 during its Series B funding.