B2B SaaS platform for financial institutions, Perfios, has raised $229 million in its Series D funding round led by private equity firm Kedaara Capital in a combination of a primary fund raise and a secondary sale. According to the company, this fundraise marks one of the largest investments in an Indian B2B SaaS company in 2023.

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The startup intends to use the fresh capital to fuel its global expansion plans in North America and Europe. The company also plans to invest in new-age technologies to enhance its comprehensive stack of Decision Analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance, and embedded commerce, it said in a statement.

"This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe," said Sabyasachi Goswami, Co-founder and CEO, Perfios.

Founded in 2008 by V.R. Govindarajan, and Goswami, Perfios serves the banking, financial services, and insurance industry in 18 countries. It acquired Karza Technologies in March 2022, and since then, the combined entity is now the leading firm.

The firm claims to deliver 8.2 billion data points to banks and financial institutions every year to facilitate faster decision-making and process 1.7 billion transactions a year with an AUM of $36 billion. The B2B SaaS company said frugality and efficiency being is the center of its business, and it has clocked 100% year-on-year growth and is constantly improving its bottomline.

“Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally. Their pioneering approach has led to a strong positive flywheel effect that will help the company maintain its market leading position, and we are excited to partner with them,” said Nishant Sharma, Founder and Managing Partner, Kedaara Capital.

In February 2022, the startup raised $70 million in Series C funding round from existing investors, Warburg Pincus, and Bessemer Venture Partners.

Kartikeya Kaji, Managing Director, Kedaara Capital further added, “We look forward to using our operational expertise and deep connectivity in the financial services and technology spaces to help support the company in this next phase of its growth journey.”

Private equity and venture capital funding to Indian startups fell 79% to $3.3 billion in the January-May period, from $15.7 billion a year ago, according to data from Venture Intelligence.

First Published:Sept 11, 2023 12:26 PM IST