Warburg Pincus, Bessemer write Perfios a $50 mn cheque; angel investors book exits

Perfios Software Solutions, a Bengaluru based financial analytics software firm, has raised $50 million in a Series B funding round led by Warburg Pincus and Bessemer Venture Partners. The round involves a secondary purchase of shares from some of the company’s early angel investors. Specific details on the transaction were not available.

Some of the notable angel investors in the company include Helion Venture Partners founder Ashish Gupta, former Murugappa Group executive chairman P Surendra Pai and former iGate CEO V Chandrasekaran. While New York headquartered private equity firm Warburg is a new investor in the Series B round, Bessemer is a returning investor.

The latest capital infusion takes the total capital raised by the company so far to over $60 million, according to data compiled by VCCEdge.

Founded in 2008 by VR Govindarajan and Debashish Chakraborty, Perfios raised several angel and seed rounds from individual investors before closing a $6.1 million Series A round led by Bessemer, the storied Menlo Park, California headquartered venture capital firm, in early 2017.

The Series B round comes within weeks of Perfios acquiring the assets of Noida-based startup Fintechlabs for an undisclosed sum.

Perfios offers real-time credit decisioning and analytics. The company’s core technology platform aggregates and analyses financial data such as bank statements, tax data, and business financials to generate a wide range of reports across credit assessment, monitoring, fraud, and banking data aggregation. It claims to work with over 200 banks, non banking finance companies  and fintech companies globally.

“We will utilise the funds raised in three core areas – continued technology innovation and developing new offerings, international expansion by strengthening our presence in MENA and South East Asia, where we already serve a large number of clients, and in exploring potential acquisitions,” Govindarajan said.

Prior to Perfios, Govindarajan and Chakraborty founded software product development and testing firm Aztecsoft, which was later acquired by Bengaluru headquartered IT services firm Mindtree.

“The exponential growth of data, and rapidly increasing adoption of technology and data science in credit decisioning presents a significant opportunity for the industry,” Siddharth Narayan, principal at Warburg Pincus India, said on the investment.