Perfios FY24 net profit jumps 9x

11 Nov 2024, 12:32 PM

Perfios reported Rs 71.7 crore in profit after tax, up from Rs 7.79 crore in FY23.

Team Head&Tale

Bengaluru-based fintech Perfios, which also holds an account aggregator licence, has posted Rs 558 crore in operating revenues in FY2024, as compared to Rs 407 crore reported a year ago.

Perfios reported Rs 71.7 crore in profit after tax, up from Rs 7.79 crore in FY23. 

According to the company's consolidated financial statements filed with the Registrar of Companies, revenue generated from services increased to Rs 472 crore, while income from software coding and maintenance jumped 100% yoy to Rs 82 crore in FY24.

The company's total expenses increased to Rs 495.5 crore in FY24 compared to Rs 386 crore reported in FY23. This was due to employee benefits costs that stood at Rs 291 crore -- which went up by 36.4%.

Earlier this year in March, the SaaS (software-as-a-service) fintech -- achieved an unicorn status -- after raising $80 million in funding from Teachers’ Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. It raised $229 million in a Series D funding led by private equity investor Kedaara Capital in September 2023. 

In 2022, the company had raised $70 million from Warburg Pincus, Bessemer Venture Partners and others; whereas in 2019, it had raised $50 million in a Series B round led by an affiliate of private equity funds managed by Warburg Pincus LLC and Bessemer Venture Partners.

Recently, Perfios announced the appointment of former Infosys executive Rajesh Kini as the firm’s chief financial officer (CFO).