Perfios' decisioning-platform bet: ₹708 Cr FY25 income, ₹104 Cr profit, IPO ahead

Perfios sells B2B fintech SaaS to banks and lenders: customer onboarding, verification, credit underwriting, fraud detection and collections, delivered as 500+ APIs that let institutions process loans in under two minutes; a subsidiary also holds an account-aggregator licence.

Banks would buy, not build, software that turns financial data into credit decisions — so Perfios added fraud and collections modules to become the default layer.

Perfios was founded in 2008 in Bengaluru by VR Govindarajan and Debasish Chakraborty, according to Inc42, and grew by automating the paperwork at the front of every loan — onboarding, verification and underwriting — for banks and lenders, first in India and then abroad. It claims more than 1,000 financial institutions as customers, with service income making up more than 95% of operating revenue.

Perfios reported its first profit of ₹7.8 Cr in FY23, then raised $80M from the Ontario Teachers' Pension Plan's Teachers' Venture Growth arm in March 2024 at a valuation above $1B, taking total funding to roughly $440M from investors including Warburg Pincus, Bessemer Venture Partners and Kedaara Capital. Since 2022 it has completed five acquisitions and one acqui-hire to widen the platform: RegTech firm Karza Technologies (2022), digital lending software FintechLabs (2022), behavioural insights startup Fego.ai (2023), fraud management platform Clari5 (February 2025), AI collections startup CreditNirvana (March 2025) and healthcare information exchange IHX (April 2025). FY25 closed with total income of ₹708.5 Cr — operating revenue ₹669.5 Cr, up 20% — and net profit of ₹104.3 Cr, up 46%.

Still private. A plan for a roughly $500M public listing was put on hold in 2024; in March 2026 Perfios appointed Nitin Chugh, former State Bank of India deputy managing director and ex-CEO of Ujjivan Small Finance Bank, as group CEO and managing director, with Sabyasachi Goswami continuing to lead the core business — a move widely read as preparing the enlarged group for an eventual listing.

The wedge was the unglamorous core of lending: reading and structuring customer financial data for onboarding and underwriting, where banks had the most manual pain and the least tolerance for error.

Acquisitions, not just organic builds, let Perfios assemble fraud, collections and data-exchange modules quickly — each new module made the platform stickier for its 1,000+ institutional customers.

Profitability came before the unicorn round, giving Perfios negotiating power: it could delay an IPO (the $500M plan was paused in 2024) instead of being forced to list by cash burn.

The group-CEO hire separated running the mature core from preparing a multi-subsidiary group for public markets — a sign the bet outgrew a single-product company.

Sell the painful core process, not an add-on: owning onboarding, underwriting, fraud and collections made 1,000+ institutions dependent, and steady profit let Perfios time the IPO.

As of September 4, 2026, Perfios remained private and scaling toward a listing. Its March 2026 appointment of Nitin Chugh — former SBI deputy MD and ex-Ujjivan CEO — as group CEO put one executive over Clari5, CreditNirvana and IHX, while Sabyasachi Goswami kept leading the core business. FY25 ended with total income of ₹708.5 Cr and net profit of ₹104.3 Cr, a third straight profitable year; the ~$500M IPO plan first reported in 2024 stayed on hold without new dates. India remained the dominant market, contributing about ₹575 Cr of FY25 revenue.