Perfios, a Business-to-Business (B2B) software provider for financial institutions, said it has raised $229 million in its Series D funding round from private equity firm Kedaara Capital through a combination of a primary fund raise and a secondary sale. Perfios plans to deploy the funds to fuel its global expansion plans in North America and Europe. "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, cofounder and CEO of Perfios, in a media statement on Monday.
The company also plans to invest in new-age technologies to enhance its comprehensive stack of Decision Analytics SaaS products.
Founded in 2008 by V.R. Govindarajan, and Goswami, Perfios is a B2B SaaS company serving the Banking, Financial Services and Insurance industry in 18 countries. Perfios acquired Karza Technologies in March of 2022 and since then the combined entity is now the leading firm.
Perfios 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 funding comes at a time when investors are taking a wait-and-watch approach towards deploying funds. In fact, funding to Indian startups plunged to about a fifth in the first five months of 2023 compared to the same period last year.
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Private equity and venture capital (PE/VC) funding to Indian startups fell 79 percent to $3.3 billion in the January-May period, from $15.7 billion a year ago, according to data shared by Venture Intelligence.
The Bengaluru-based startup entered the unicorn club in February 0f 2022 after it raised nearly $70 million from existing investors, Warburg Pincus, and Bessemer Venture Partners, in a Series C round.
"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 Kartikeya Kaji, Managing Director, Kedaara Capital.
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