India’s second unicorn Perfios raises $80 million to join ranks.

TLDR:

• Perfios becomes India’s 2nd unicorn of the year after raising $80 million in funding.
• The funding was led by Teachers’ Venture Growth, valuing Perfios at over $1 billion.

In exciting news for the Indian startup ecosystem, B2B SaaS fintech firm Perfios has achieved unicorn status by raising $80 million in funding. The funding round was led by Teachers’ Venture Growth, a late stage venture and growth investment arm of Ontario Teachers’ Pension Plan, valuing Perfios at over $1 billion. This marks the second unicorn startup in India this year, following Krutrim, an AI venture by Bhavish Aggarwal.

Perfios, based in Bengaluru, provides tech-powered software products and platforms to the banking, financial services, and insurance sectors across 18 countries. The company plans to use the fresh funding to expand its global footprint and explore inorganic opportunities. Despite a slowdown in funding for startups in recent times, Perfios’ achievement as a unicorn serves as a boost for the broader startup industry.

The broader ecosystem has seen a cautious approach from investors, with a focus on firms with healthy financials. Perfios’ success highlights the potential for growth and success in the fintech sector, contributing to financial inclusion and digital transformation.