Fintech firm Perfios raises debt funding from Stride Ventures

• ByStartupStory     |    October 19, 2022

The fintech company Perfios has gotten debt funding worth Rs 50 crore from its current sponsor Stride Ventures. This is the Bengaluru-based company’s first debt round for 2022.

According to the company’s regulatory filing with the Registrar of Companies (RoC), the Perfios board of directors approved a special resolution to issue 5,000 Series B2 non-convertible debentures (NCD) to Stride Ventures at an issue price of Rs. 1,000,000 per debenture in order to raise Rs. 50 crore ($6.1 million).

The 14-year-old business provides a wide range of services to financial institutions, such as automated customer onboarding, income analysis, fraud checks, and verification. The business asserts to be present in over 18 counties and to be associated with 735 banking institutions.

In February of this year, Perfios raised $70 million in a Series C fundraising round, valuing the company at about $400 million (post-allotment). To date, it has raised about $100 million in investment.

Warburg currently holds a 41.69% position in the business, followed by Bessemer, which has a 32.12% cap table. The co-founders of the business, VR Govindarajan and Debashish Chakraborty, each hold 7.52% and 7.39% of the company.

Although Perfios has not yet submitted its financial reports for FY22, it reported a 2.1% drop in operating revenue to Rs 72.5 crore in FY21 from Rs 74 crore in FY20. According to the company’s annual financial report filed with the RoC, losses increased 19.5% to Rs 32.65 crore in FY21 from Rs 27.32 crore the year before.

In the midst of the funding crisis, many firms have turned to debt financing since it allows founders to access working capital without diluting stock. HomeLane, Rebel Foods, Ather Energy, Epigamia, ElectricPe, BeatO, Ayekart, Mobikwik, and DaMENSCH are just a few of the companies on the list.

Stride Ventures had previously announced in August that its $200 million Fund II had closed. Its portfolio firms include Yubi, Zepto, Uni, Upstox, Moneyview, Waycool, and HomeLane, among others.

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