India-based B2B SaaS fintech company Perfios has announced a $229m investment in its Series-D funding round, from Mumbai-based private equity investor Kedaara Capital.
Perfios will receive the funding through the combination of a primary fund-raise and a secondary sale.
The B2B fintech company intends to use the funds to support its continued global expansion plans in North America and Europe.
The company also plans to invest in advanced technologies to enhance its complete suite of Decision Analytics SaaS products across banking, insurance, and embedded commerce.
Kedaara Capital founder and managing partner Nishant Sharma said: “Led by one of the strongest teams in the space, 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.”
Kedaara Capital further managing director Kartikeya Kaji said: “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.”
Kedaara is a private equity firm focused on control and minority investment opportunities in India.
The company currently manages more than $ 3.5bn through investments in businesses across different sectors, including financial services, technology/business services, consumer, pharma/healthcare, and industrials.
Established in 2008, Perfios is a B2B SaaS company that operates in the banking, financial services and insurance industry, in 18 countries.
The Indian fintech offers software platforms and products that support financial institutions with their origination, onboarding, decisioning, underwriting and monitoring processes.
Perfios has been backed by Bessemer Venture Partners, which participated in the company’s Series A round in 2017, and Warburg Pincus in the Series B round in 2019.
Perfios CEO Sabyasachi Goswami said: “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.
“We are very happy to have Kedaara Capital as a new investor, and thankful to Bessemer Venture Partners and Warburg Pincus for their continued support and confidence in us.”
Perfios co-founder and chairman V R Govindarajan said: “This funding underscores not just our achievements and the tireless dedication of our employees, but also our commitment to employee wealth creation through ESOPs.
“With gratitude and renewed passion, we’re poised to continue our transformative journey, championing innovation in the financial sector.”
