Perfios, a SaaS-based B2B fintech startup, has reported a significant financial turnaround in FY23, with its revenue soaring to Rs 407 crore, a substantial increase from Rs 136 crore in the previous fiscal year.
The startup attributes this growth to its diverse suite of services that cater to various sectors, including consumer lending, SME lending, wealth management, and more, Entrackr reported.
Additionally, Its success in income analysis, fraud checks, verification, and automated customer onboarding has been a driving force behind this revenue jump.
Strategic funding and profitability
The financial upswing comes after the Perfios raised $229 million in a Series D funding round led by Kedaara Capital.
Additionally, Its strategic acquisitions, such as the fintech startup Karza Technologies, have also paid dividends, contributing to a consolidated profit in FY23. The report said Karza alone brought in Rs 168 crore in revenue and Rs 51 crore in profit after tax.
Operational efficiency and growth
Perfios' operational efficiency is evident in its expenditure management. Despite a 2.1X increase in employee benefits expenses, the startup maintained a unit cost of Rs 0.95 to earn a rupee in FY23.
The report added that this disciplined approach to spending has enabled Perfios to register a profit of Rs 7.8 crore in FY23, a significant recovery from a Rs 16.8 crore loss in FY22.
Leadership and ESOPs
In preparation for an anticipated IPO within the next 18-24 months, Perfios has made strategic leadership appointments. Sumit Nigam has been brought on as the Chief Technology Officer, while Anu Mathew will serve as the Chief People Officer.
The startup said these appointments are part of its broader strategy to strengthen its leadership as it prepares to go public. Perfios also plans to expand its presence in North America and Europe, building on its current footprint across 18 countries.
Perfios' growth has had a positive impact on its employees, with a recent ESOP buyback creating 62 millionaires among its workforce.
What does Perfios do?
The startup helps financial institutions handle various processes, including customer onboarding, decision-making, underwriting, and monitoring, making these processes quicker and more efficient.
The startup claims that it is serving over 1,000 financial institutions globally. It provides a massive amount of data, about 8.2 billion data points annually, to help banks and other financial entities make faster decisions.
Additionally, It handles a substantial number of transactions, around 1.7 billion, amounting to an Asset Under Management (AUM) of $36 billion annually.