Fintech platform Perfios, operated by Perfios Software Solutions, has secured a Series C funding round of nearly $70 million (almost Rs 520.83 crore) from Warbug Pincus and Bessemer Venture Partners, as per the company’s filings with the Ministry of Corporate Affairs (MCA).
The company said in the regulatory filing that it will be using the funds for furthering its business, which includes financing the acquisition of other companies, capital expenditure and working capital requirements.
As a part of the transaction, the company allotted 4,16,336 Series C Compulsorily Convertible Preference Shares (CCPS) to investors for an issue price of Rs 12,610 each for consideration in cash.
The company also allotted 4,95,069 Optionally Convertible Redeemable Preference Shares (OCRPS) for an issue price of Rs 1,166 each to investors, the regulatory documents showed.
Warbug Pincus, through its affiliate Pear Valley Investment Ltd, invested nearly $55 million (Rs 412 crore), while Bessemer Venture Partners invested $15 million (Rs 112.5 crore) through its subsidiary Bessemer India Capital Holdings II Ltd.
Meanwhile, the company allotted 2,26,346 OCRPS to Omkar Shirhatti, 2,49,121 OCRPS to Gaurav Samdaria, and 19,602 OCRPS to Alok Kumar.
Post the transaction, the companies’ Co-Founders Govindarajan V R and Debasish Chakraborty hold 7.51% and 7.38% stake respectively, while Bessemer Venture Partners holds 32.12% stake and Warbug Pincus holds 41.68% in the company.
Bessemer and Warbug Pincus had invested in Perfios earlier also.
News website Inc42 reported the story first. An email sent to Perfios did not elicit an immediate response.
Perfios, founded in 2008, helps financial institutions in real-time decision-making, analysis and credit underwriting. It analyses data to build vertical applications that can be directly used by banks, non-banking financial companies, money managers and others.
The company had last raised funds in November 2019, when it raised $50 million as a part of its Series B funding round from Bessemer Venture Partners and Warbug Pincus.
In that same month, the company had acquired the intellectual property and other assets of FintechLabs Technologies Pvt. Ltd, a Noida-based company which provides digital lending software as a service to companies. Back in April 2017, the company had raised $6.1 million as a part of its Series A funding round from Bessemer Venture Partners.
Perfios’ fundraise comes at a time when competition in the fintech space is rising in India. The Covid-19-induced restrictions have accelerated the demand for digital adoption.
Many companies in the fintech space catering to various needs and sectors have raised millions of dollars to capitalize on the rising digital adoption. To be sure, India has minted as many as eight unicorns since 2021 in the fintech space.
(The earlier version of this article said that Perfios has turned into a unicorn. The error is regretted.)
