Perfios Eyes Public Listing This Year, Mulls A $500 Mn IPO At $2 Bn Valuation

SUMMARY

Discussions are currently underway for a potential listing that could peg the startup at a valuation of $2 Bn

Perfios is looking to hire banks for the IPO, which can take place as early as this year

In November 2023, the startup undertook a major rejig at the top-level and announced plans to go public over the course of the next 18-24 months

Putting its public listing plans in full gear, fintech SaaS startup Perfios is reportedly mulling a $500 Mn (INR 4,156 Cr) initial public offering (IPO).

Discussions are currently underway for a potential listing on the Indian bourses that could peg the startup at a valuation of $2 Bn, Bloomberg reported citing sources. The startup is looking to hire banks for the IPO, which can take place as early as this year, the report said.

Meanwhile, existing investors are reportedly expected to pare some of their stakes during the listing on the bourses. However, the deliberations are still in the preliminary stage and final size and timing of the IPO may change.

The development comes two months after the fintech SaaS startup undertook a major rejig at the top level in preparation for its IPO. In November, the company appointed Sumit Nigam as chief technology officer (CTO) and Anu Mathew as chief people officer (CPO).

Back then, the startup said it was looking at a 18-24 months timeline to go public.

Founded in 2008 by VR Govindarajan and Debashish Chakraborty, Perfios is a full-stack platform that offers software solutions for financial institutions such as banks, insurers and other financial service firms.

With a presence in 18 countries, the B2B and B2C-focussed startup caters to more than 1,000 financial institutions and has a portfolio of 75 products and more than 500 APIs.

In September last year, the Bengaluru-based startup raised a massive $229 Mn funding from Kedaara Capital in a mix of primary and secondary sale. It was one of the largest rounds raised by an Indian startup in 2023, a year marked by worsening funding winter and valuation corrections.

On the financial front, Perfios is among the few profitable Indian new-age tech startups. It turned profitable in the financial year 2022-23 (FY23), reporting a net profit of INR 7.8 Cr against a loss of INR 16.8 Cr in FY22.

Meanwhile, its operating revenues surged nearly 3X year-on-year (YoY) to INR 406.8 Cr in the year ended March 2023.