A Profitable Leap in FY23 with Threefold Revenue Surge

In a notable achievement, Perfios, a Fintech SaaS startup, marked a significant leap in FY23 by turning profitable with a consolidated net profit of INR 7.8 Cr. The financial year also witnessed an exceptional threefold surge in operating revenue, reaching a commendable INR 406.8 Cr. This remarkable feat positions Perfios as a frontrunner in the Indian fintech landscape. 

Founded in 2008 by VR Govindarajan and Debasish Chakraborty, Perfios has been a key player in providing software solutions to financial institutions. Its offerings encompass a wide range of services, including credit decisioning, analytics, onboarding automation, and due diligence. The startup primarily generates revenue through the sale of services, showcasing its prowess in the fintech domain.

FY23 witnessed a remarkable rise in Perfios' operating revenue, marking an impressive 200% YoY increase, with the figures soaring to INR 406.8 Cr. The biggest contributor to this surge was income from software support for loan processing, amounting to INR 198.5 Cr, displaying an almost 90% YoY growth.

Notably, service income also played a pivotal role in Perfios' financial success, experiencing an extraordinary 28X YoY jump to INR 166.5 Cr. This segment emerged as the second-highest contributor to the overall sales revenue, underlining the diverse revenue streams Perfios leverages.

Geographically, India retained its position as the primary contributor to Perfios' income. The domestic business witnessed a remarkable 211% surge in revenue, reaching INR 382 Cr in FY23, compared to INR 122.6 Cr in the previous fiscal year. Simultaneously, Perfios earned INR 24.7 Cr from its international businesses, showcasing growth from the INR 13.8 Cr recorded in FY22.

Despite the positive financial trajectory, Perfios' expenses witnessed a significant increase in line with the rise in revenue. Total expenses more than doubled to INR 386.4 Cr in FY23, with employee benefit expenses accounting for over 55% of the startup's total spending. Employee costs surged to INR 213.5 Cr, reflecting the startup's commitment to its workforce.

Perfios' recent developments, including an agreement with Kedaara Capital for a $229 Mn investment in its Series D funding round, an acquihire of Fego.ai, and an ESOP buyback worth INR 154 Cr, highlight its strategic growth initiatives. The appointments of Sumit Nigam as CTO and Anu Mathew as CPO signal Perfios' focus on bolstering its leadership team.

Looking ahead, Perfios aims for an IPO in the next 18-24 months, further cementing its position as a key player in the fintech sector. The journey of Perfios in FY23 showcases resilience, adaptability, and strategic prowess in navigating the dynamic landscape of financial technology in India.