According to the company’s papers with the corporate affairs ministry, Perfios has become a unicorn after raising almost $70 million (almost 520.8 crores) in a Series C round from current backers Warburg Pincus and Bessemer Venture Partners. Perfios, run by Perfios Software Solutions, is the second Indian firm to become a unicorn this week, following open source platform Hasura.
Unicorns are privately held companies with a market capitalization of $1 billion or more. Perfios, run by Perfios Software Solutions, is the second Indian firm to become a unicorn this week, following open source platform Hasura. The Bengaluru-based platform is also the first fintech unicorn of 2022.
In a regulatory filing, Perfios stated that it will use the new funds to expand its operations, including funding acquisitions, capital expenditures, and working capital requirements.
Perfios issued 416,336 Series C Compulsorily Convertible Preference Shares (CCPS) to investors for $12,610 each as part of the deal. The valuation was calculated by multiplying 2,40,87,250 fully diluted equity shares issued after the IPO by the share price of $12,610 per share.
The company also issued 495,069 Optionally Convertible Redeemable Preference Shares (OCRPS) at a price of $1,166 each, according to the regulatory filing. Bessemer Venture Partners invested $15 million through its subsidiary Bessemer India Capital Holdings II Ltd, while Warburg Pincus invested roughly $55 million through its associate Pear Valley Investment Ltd.
Perfios is a company that assists financial institutions with real-time decision-making, analysis, and credit underwriting. It was launched in 2008. It analyses data to create vertical apps that banks, non-banking financial organisations, money managers, and others can use directly.
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Many fintech startups catering to diverse requirements and sectors have raised millions of dollars in order to take advantage of the growing digital adoption. In the financial area, India has generated as many as eight unicorns since 2021.
The Perfios platform is unique because it supports 1700 bank formats for e-statements and data retrieval from the bank’s online websites. This makes it simple for banks and financial organizations to choose Perfios as the default bank statement analysis provider.