TLDR:
- Perfios becomes the second Indian unicorn of 2024 after receiving $80 million in funding from TVG
- The fintech firm plans to use the funds for international expansion and inorganic growth opportunities
In recent news, Perfios, a fintech startup that assists financial institutions with lending decisions, has secured $80 million in funding from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. This investment marks Perfios as the second Indian unicorn of 2024, following a Series D funding round last year. The company, founded in 2008, plans to continue expanding globally and enhance its tech stack to improve customer journeys in banking, insurance, and embedded commerce. Perfios’ latest funding round demonstrates the growing opportunities within the B2B enterprise tech space in India, with Indian SaaS expected to reach a market value of $25 billion by 2025. Ontario Teachers’ Pension Plan aims to increase its investments in India, particularly in areas such as infrastructure, healthcare, and renewables, as its exposure to the country remains relatively low compared to its global assets.
