Fintech unicorn Perfios PAT surges over 9X to Rs 72 Cr in FY24

SaaS-based B2B fintech firm Perfios has continued its growth streak in the fiscal year ending March 2024. The company registered 37.1% year-on-year growth in its revenue which crossed the Rs 550 crore threshold in FY24. Moreover, its profit surged over 9X in this period.

Perfios’ revenue from operations grew to Rs 557.8 crore in the last fiscal year (FY24) from Rs 407 crore in FY23, its consolidated financial statements filed with the Registrar of Companies (RoC) show. 

Perfios provides revenue analysis, fraud checks, verification, and automated customer onboarding to financial institutions in verticals including consumer lending, SME lending, and wealth management. The company claims to have a presence in 18 countries and to have powered over 1,200 institutions with its offerings..

Its income from services increased by 29.3% to Rs 472.2 crore in FY24, while earnings from software coding and maintenance spiked 100% to Rs 82 crore during this period. The Kedaara Capital-backed company collected Rs 3.57 crore from subscription fees.

Perfios also made Rs 11 crore from gain on investment and bank deposits which propelled its total revenue to Rs 569.47 crore in FY24.

To check complete Expense Breakdown visit thekredible.comView full data

With Rs 291.16 crore, employee benefits costs for Perfios rose 36.4% year-on-year in FY24. Legal, professional, technology including other overheads jumped to Rs 161 crore from Rs 128.8 crore in FY23. Costs incurred on depreciation and amortization increased 13.1% to Rs 36.3 crore from the previous year’s Rs 32.1 crore. 

Ultimately, the company’s total expenses spiked 28.3% to Rs 495.5 crore in FY24 from Rs 386.4 crore in the previous fiscal year.

To check complete Revenue Breakdown visit thekredible.comView full data

On a consolidated basis, Perfios’ profit after tax (PAT) zoomed 9.2X year-on-year to Rs 71.67 crore in FY24 from Rs 7.79 crore in FY23. Notably, it reported a standalone profit of Rs 57.19 crore in the said fiscal. Its ROCE and EBITDA margins improved to 7.07% and 20.58%, respectively. On a unit level, it spent Rs 0.89 to earn a rupee in FY24.

As of FY24, the company held Rs 255.28 crore in cash and cash equivalents, along with an additional bank balance of Rs 119 crore. It also had receivables totaling Rs 143.33 crore at the end of the last fiscal year.

According to startup data intelligence platform TheKredible, Perfios has raised Rs 3,644.45 crore in total funding across several rounds. The company raised Rs 662 crore ($80 million) from Kedaara Capital in March 2024 at a valuation of over $1 billion. It emerged as the second unicorn of 2024 from India. The company acquired fintech startup Karza Technologies in a deal worth Rs 600 crore during March 2022.

The numbers from the fintech firm are certainly beginning to show just why it is so highly valued and regarded. Being comfortably profitable will be an added advantage as it seeks to maintain the momentum in the competitive and evolving segment, including possible acquisitions even.  However, 15 years into its journey, the firm has also reached this level after a long hard grind. Will the founders have the motivation and energy to strap up for the next phase? Both have been working since the 1980s, and having seen the industry change multiple times, might be wondering if they can catch the next wave of change as well.  

Too many firms in India see founders exit around this time, as they seek a break after what they see as a long journey that has finally reached a key milestone. It should be interesting to see which way Perfios turns.