Perfios Software Solutions on Monday said it raised around $68 million (Rs 525 crore according to current exchange rates) from returning investors Bessemer Venture Partners and Warburg Pincus as part of its ongoing Series C round, according to documents filed with the Registrar of Companies (RoC).
Founded in 2015 by Gaurav Samdaria and Omkar Shirhatti, Karza Technologies provides automation, onboarding, due diligence, monitoring, and skip tracing solutions to financial institutions.
Perfios to acquire Karza Technologies
The documents also showed the startup is in the process of acquiring Software-as-a-Service (SaaS) platform for financial institutions, Karza Technologies, for nearly $78 million (Rs 597 crore).
Karza Technologies will be the second acquisition by Perfios after it acquired Noida-based digital lending management software provider FintTech Labs in 2019.
In 2019, Perfios had raised $50 million in a Series B round in a mix of primary and secondary transactions from Bessemer and Warburg Pincus.
Of this, it will utilise $72 million to buy out the shares of nearly 34 early investors in Karza, besides an additional investment of $5.25 million by Perfios to fund the expansion of the business.
Founded in 2008 by former founders of Aztecsoft, VR Govindarajan and Debasish Chakroborty, Perfios started as a business-to-consumer personal finance management solution.
According to VC Circle Perfios is at nearly $4.05 billion valuation after this round, catapulting it to the coveted unicorn club.
In 2012, the company pivoted to offer banks and NBFCs insights on its platform based on data analysis of bank statements, tax filings, and business financials for credit assessment, monitoring, fraud, and other services.
Perfios’s digital solution helps financial institutions reduce turnaround time and improve their credit decisions.
