Bengaluru-based fintech company Perfios has managed to raise around USD 50 million in a Series B round from Warburg Pincus LLC and Bessemer Venture Partners, according to local media Economic Times.
Before the current round of funding, Warburg Pincus LLC had infused USD 6.1 million into Perfios in its Series A round in April 2017. Currently, Bessemer Venture Partners owns a 17.06% stake in the fintech startup, according to VCCEdge.
The funds generated in the Series B round will come in handy for continued technology innovation, international expansion, and potential acquisitions. The international expansion is expected to touch the Middle East, North Africa, and Southeast Asia.
“We have been operationally profitable for quite some time now. We clocked a revenue of USD 6.2 million in the last financial year (March 2019) and are aiming to clock USD 14 million in the current financial year. It will require investment to expand in new markets globally,” V R Govindarajan, co-founder of Perfios told a local newspaper The Times of India.
Post this funding round, the 11-year-old company has been valued between USD 110-150 million. This fresh investment round saw secondary purchase of shares as well from a few of Perfios’ early angel investors. A few weeks ago, the startup acquired the assets of Noida based startup Fintechlabs, which offers digital lending software services.
Founded by V R Govindarajan and Debashish Chakraborty, the company provides credit related insights and analytics to its clients. Perfios claims that it helps over 200 clients spread across banks, non-bank lenders and fintech startups in credit assessment using multifarious data from screening tax papers, business financials, and bank statements among other criteria. Currently 95% of its sales are generated from India, besides which it is present in markets like Singapore and Vietnam.
According to Niti Aayog, India’s policy think tank, the fintech market is set touch USD 31 billion by 2020.
“The Indian fintech ecosystem is the third largest in the globe. USD 6 billion investments have already happened in fintech market in the country in the last 3-4 years. Fintech market in India is likely to expand to USD 31 billion in 2020,” Amitabh Kant, CEO, Niti Aayog told media at an event.