Indian fintech firm Perfios raises $229 million from Kedaara Capital

BENGALURU (Reuters) – Indian business-to-business (B2B) fintech startup Perfios on Monday said it raised $229 million in its latest funding round from private equity investor Kedaara Capital.

The investment will be made through a combination of a primary fundraise and a secondary sale, the firm said. It, however, did not disclose a valuation for the fundraise.

It is not immediately clear how much the company has raised so far.

The Bengaluru-based firm, which uses data to help banking and financial institutions make decisions including creditworthiness and analysing income, plans to use the funds to aid its expansion in North America and Europe, it said.

Perfios will also invest in technologies to enhance its decision analytics products, the company said.

Founded in 2008, Perfios is also backed by PE firm Warburg Pincus and venture capital firm Bessemer Venture Partners, and caters to over a thousand institutions in the banking, financial services and insurance (BFSI) sector in 18 countries.

It counts HDFC Bank, State Bank of India and Standard Chartered among its clients, according to its website.

Kedaara Capital is one of India’s largest private equity firms, managing more than $3.5 billion in assets.

(This story has been refiled to correct a spelling error in paragraph 4)

(Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema)