Perfios, a prominent SaaS-based B2B fintech player, demonstrated impressive growth in FY24, ending March 2024, as its profit after tax (PAT) surged more than 9 times to reach Rs 71.67 crore. This marks a 37.1% year-on-year increase in revenue, crossing the Rs 550 crore mark.
The company’s revenue from operations climbed to Rs 557.8 crore in FY24, up from Rs 407 crore in FY23, as per financials submitted to the Registrar of Companies (RoC). Perfios, which supports financial institutions across sectors like consumer lending, SME lending, and wealth management, now operates in 18 countries and collaborates with over 1,200 institutions.
Perfios’ service income rose by 29.3% to Rs 472.2 crore, while earnings from software and maintenance doubled to Rs 82 crore. The Kedaara Capital-backed firm also garnered Rs 3.57 crore from subscription fees, contributing to its total revenue of Rs 569.47 crore. Costs saw increases too, with employee benefits rising 36.4% to Rs 291.16 crore, and overheads in legal, professional, and tech costs growing to Rs 161 crore, up from Rs 128.8 crore in FY23. Depreciation costs also grew by 13.1% year-over-year, reaching Rs 36.3 crore.
Perfios’ consolidated expenses went up 28.3%, totaling Rs 495.5 crore in FY24, compared to Rs 386.4 crore the previous year. Despite this, its profit soared, with the standalone profit reaching Rs 57.19 crore. Return on Capital Employed (ROCE) and EBITDA margins improved to 7.07% and 20.58%, respectively, with an expense of Rs 0.89 for every rupee earned.
By the close of FY24, Perfios held Rs 255.28 crore in cash, with an additional Rs 119 crore in bank balances and Rs 143.33 crore in receivables.
According to startup data platform TheKredible, Perfios has raised Rs 3,644.45 crore in funding to date, securing Rs 662 crore from Kedaara Capital in March 2024 at a valuation exceeding $1 billion, making it India’s second unicorn of the year. In March 2022, Perfios acquired Karza Technologies for Rs 600 crore, a move that strengthened its market presence.
After 15 years of growth, the road ahead may include further acquisitions, or even a potential shift in leadership. Founders who’ve steered Perfios since the 1980s may consider the firm’s next steps in an evolving fintech landscape. The future of Perfios promises continued strategic growth and expansion, backed by solid financials and strong market positioning.
4o