Perfios Buys CreditNirvana To Bolster Its Debt Collection Process

Continuing its acquisition spree, fintech SaaS unicorn Perfios has now acquired AI-powered debt collection startup CreditNirvana, over a month after buying CustomerXPs, the parent entity of banking fraud management startup Clari5.

However, the company did not disclose the financial terms of the deal.

With this acquisition, Perfios aims to enhance its debt management capabilities. Additionally, it also aims to help financial institutions with streamlined recoveries, reduce frauds and maximise portfolio performance in the BFSI (banking, financial services, insurance) segment.

“By integrating CreditNirvana’s AI-driven capabilities with our existing solutions, we aim to unlock new efficiencies. This addition reinforces our dedication to innovation and market leadership, further solidifying Perfios as a full-stack, tech-first financial technology provider,” said Perfios chief executive officer Sabyasachi Goswami.

Founded by Raj MKK in 2018, CreditNirvana is a B2B debt collection startup which leverages its machine learning platform to automate the debt collection process. The company leverages AI for financial institutions to generate debt collection strategies. Additionally, it offers financial solutions including omnichannel and multilingual digital collection, call centre automation, customer allocation, GPS enabled field app, legal process automation and more. 

The company claims to manage a collection portfolio of more than $9 Bn and over 42 Mn loan accounts.

Meanwhile, Perfios, founded by VR Govindarajan and Debasish Chakraborty in 2008, specialises in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring and more. It operates in the B2B segment, serving more than 1000 financial institutions.

Last year, the fintech giant entered the unicorn club after raising $80 Mn (INR 663 Cr) from Teachers’ Venture Growth (TVG). The funding round propelled Perfios’ valuation to more than $ 1 Bn mark.

Also, last week, the company launched a new employee stock option plan (ESOP) ‘Perfios ESOP 2025-A’ for its employees ahead of its much anticipated $500 Mn IPO this year. It is pertinent to note that the company was aiming to hit the bourses in 2024. However, the plans couldn’t materialise.

In August 2024, Perfios also roped in former Infosys executive Rajesh Kini as the new CFO. On the financial front, the company posted a 819.2% surge in its consolidated net profit to INR 71.7 Cr in FY24, against a net profit of INR 7.8 Cr in the previous fiscal year.

As per Inc42 report, the Indian fintech market is expected to cross the $2.1 Tn mark by 2030, with 26 unicorns and 37 soonicorns in the segment currently.