Perfios profit jumps multifold in FY24
The B2B fintech SaaS company saw its FY24 profit surge to Rs 71.67 crore, a multifold increase from the previous year's Rs 7.79 crore, driven by robust revenue growth.
B2B fintech SaaS company saw its FY24 profit surge to Rs 71.67 crore, a multifold increase from the previous year's Rs 7.79 crore, driven by robust revenue growth.
The company saw its revenue from operations rise by 37.1%, reaching Rs 557.8 crore in FY24, compared to Rs 406.8 crore in the previous year, according to filings made with the Registrar of Companies.
While expenses increased by 22%, totaling Rs 495.5 crore, primarily due to higher employee benefit expenses, depreciation, and other costs, the company maintained a healthy profit margin. The largest portion of revenue, accounting for 84% or Rs 472.18 crore, came from the sale of services.
Founded in 2008 by Debasish Chakraborty and VR Govindarajan, Perfios offers software platforms and products to financial institutions for origination, onboarding, decision, underwriting, and monitoring processes at scale and speed.
Perfios' domestic operations were the primary revenue driver, contributing Rs 505.6 crore, while international operations brought in Rs 52.21 crore.
Sabyasachi Goswami-led Perfios turned a unicorn earlier this year after raising $80 million in a Series D1 funding round from Teachers’ Venture Growth (TVG)—the venture and growth investment arm of Ontario Teachers' Pension Plan.
The company plans to use the capital for international expansion to Southeast Asia and Middle East and Africa, utilising part of the capital for inorganic growth. It will also invest in developing its tech stack to power end-to-end customer journeys in banking, insurance, and embedded finance.
Edited by Megha Reddy
