Perfios turns profitable in FY23; Know about the startup & profit

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.

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, strategic acquisitions like fintech startup Karza Technologies have been fruitful, significantly boosting profits in FY23. Karza notably generated Rs 168 crore in revenue and Rs 51 crore in profit after tax.

How much profit?

Perfios' disciplined approach to spending has enabled the startup to register a profit of Rs 7.8 crore in FY23, a significant recovery from a Rs 16.8 crore loss in FY22.

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.

Perfios' growth has had a positive impact on its employees, with a recent ESOP buyback creating 62 millionaires among its workforce.

Whot does Perfios do?

Perfios helps financial institutions handle various processes, including customer onboarding, decision-making, underwriting, and monitoring, making these processes quicker and more efficient.