SaaS startup Perfios is
apparently considering a $500 million (INR 4,156 crore) initial public offering
(IPO), kicking off its public listing ambitions in full force. Talks are
presently taking place over the startup's possible listing on Indian stock
exchanges, which could value it at $2 billion. According to the sources, the business is trying to get banks on board
for its initial public offering (IPO), which could happen this year. According
to reports, current investors plan to reduce their interests during the bourses
listing. Though the discussions are still in their early stages, the eventual
IPO size and date are still subject to change.
Perfios based in Mumbai, India as its headquarters, a full-stack platform that provides software solutions for financial institutions like banks, insurers, and other financial sector organisations, was founded in 2008 by VR Govindarajan and Debashish Chakraborty. The leading SaaS-based B2B
finance software provider in India, Perfios Software Solutions empowers more
than 900 FIs to make well-informed decisions instantly. The leading SaaS-based B2B finance software provider in
India, Perfios Software Solutions empowers more than 900 FIs to make
well-informed decisions instantly. It's areas of expertise include analytics, onboarding
automation, monitoring, due diligence, real-time credit decision making, and
more. The primary data platform of
Perfios was developed to combine and evaluate public and consented data in
order to create vertical solutions that meet the BFSI sector's strict Scale Performance,
Security, and other SLA standards.
This development occurs two
months after the financial SaaS business underwent a significant top-level
restructuring in anticipation of its first public offering. The company named
Anu Mathew as Chief People Officer (CPO) and Sumit Nigam as Chief Technology
Officer (CTO) in November. The business stated at the time that it expected to
go public within 18 to 24 months.
The B2B and B2C startup, which
has operations in 18 countries, serves over 1,000 financial institutions with a
portfolio that includes over 500 APIs and 75 products.With a combination of
main and secondary sales, the Bengaluru-based business raised a staggering $229
million in capital from Kedaara Capital in September of last year. It was one
of the biggest fundraising deals for an Indian business in 2023—a year that saw
valuation adjustments and a worsening funding winter.
Financially speaking, Perfios is
one of the few successful new-age software businesses in India. After posting a
loss of INR 16.8 Cr in FY22, it earned a profit in the fiscal year 2022–2023
(FY23), with a net profit of INR 7.8 Cr.
In the meantime, during the year that ended in March 2023, its operating
revenues increased by over 3X year over year (YoY) to INR 406.8 Cr.