[Funding alert] Fintech startup Perfios turns unicorn; raises $68M from Bessemer Venture Partners, Warburg Pincus

Bengaluru-headquartered Perfios Software Solutions on Monday said it raised around $68 million (Rs 525 crore according to current exchange rates) from returning investors Bessemer Venture Partners and Warburg Pincus as part of its ongoing Series C round, according to documents filed with the Registrar of Companies (RoC). 

According to VCCircle, Perfios is at nearly $4.05 billion valuation after this round, catapulting it to the coveted unicorn club.

The documents also showed the startup is in the process of acquiring Software-as-a-Service (SaaS) platform for financial institutions, Karza Technologies, for nearly $78 million (Rs 597 crore).

Of this, it will utilise $72 million to buy out the shares of nearly 34 early investors in Karza, besides an additional investment of $5.25 million by Perfios to fund the expansion of the business.

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Founded in 2015 by Gaurav Samdaria and Omkar Shirhatti, Karza Technologies provides automation, onboarding, due diligence, monitoring, and skip tracing solutions to financial institutions. Karza Technologies will be the second acquisition by Perfios after it acquired Noida-based digital lending management software provider FintTech Labs in 2019. 

In 2019, Perfios had raised $50 million in a Series B round in a mix of primary and secondary transactions from Bessemer and Warburg Pincus. 

Founded in 2008 by former founders of Aztecsoft, VR Govindarajan and Debasish Chakroborty, Perfios started as a business-to-consumer personal finance management solution.

In 2012, the company pivoted to offer banks and NBFCs insights on its platform based on data analysis of bank statements, tax filings, and business financials for credit assessment, monitoring, fraud, and other services.

Perfios’s digital solution helps financial institutions reduce turnaround time and improve their credit decisions.