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Indian fintech Perfios weighs $500M IPO

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Jan 25, 2024
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Illustration: Sarah Grillo/Axios

Perfios, a Bengaluru-based provider of real-time credit underwriting software for banks and other financial institutions, is weighing a $500 million local IPO, Bloomberg reports.

Why it matters: Indian fintechs continue exploring public listings as the local IPO window looks wide open — at least for now.

Context: Perfios has been talking about a public offering since raising $229 million from Indian private equity firm Kedaara Capital in a Series D that valued it at more than $900 million.

  • Not long after that round closed, it announced it had hired Sumit Nigam as chief technology officer and Anu Mathew as chief people officer as part of its preparation for a public listing.
  • In November, Perfios CEO Sabyasachi Goswami said at a conference that the firm was getting ready for an IPO that could happen in the next 18-24 months.

What's happening: Though timing and plans for an IPO aren't new, the $500 million target and $2 billion valuation reported by Bloomberg weren't previously disclosed.

State of play: Perfios follows a number of other fintechs that are exploring public offerings in India.

  • This month, Indian payments firm MobiKwik filed to raise ₹700 crore (~$84.2m) through a local IPO.
  • Jio Financial Services, a spinoff of Indian billionaire Mukesh Ambani's Reliance empire, began trading on India's National Stock Exchange last June.
  • Netherlands-based payments firm PayU, which touts India as its largest market, has reportedly tapped bankers to prepare for an IPO there.

Zoom out: India ended 2023 with 23 IPOs in the final quarter, a meaningful percentage of the 57 public listings in the country for the year.

Of note: Since being founded in 2018, Perfios has raised over $350 million from investors including Warburg Pincus and Bessemer Venture Partners.

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