Perfios, India's leading B2B SaaS fintech company, announced today that Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, will invest US$80 million into the company.

With established market leadership in India and a growing presence in South-East Asia, the Middle East, and Africa, Perfios plans to continue its international expansion and strengthen its global footprint, while also utilising the funds towards exploring inorganic growth opportunities. The company will also continue to invest in their comprehensive tech stack to power the end-to-end customer journeys across banking, insurance, and embedded commerce.

The investment from TVG reflects Perfios’ strong growth prospects globally and the leading role it plays in the broader growth and digitization of financial services in India. Perfios aligns well with TVG’s strategy of investing behind strong and experienced management teams that leverage technology to build a compelling value proposition and leading position, both in terms of customer penetration and product offering.

Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’ said, “We are excited to partner with Govi, Sabya, and their teams at Perfios. Our investment in Perfios is in line with our strategy of backing seasoned and visionary management teams in businesses with strong growth potential and a clear competitive edge. We are believers in the growth of financial services and digitization in India and Perfios – at the intersection of both themes – is positioned to play a pivotal role in the digital transformation of financial services companies in India and beyond.”

Kelvin Yu, Senior Managing Director and Head of Teachers’ Venture Growth in Asia, said, “We are excited about the growing opportunities within the B2B enterprise tech space in India, and we believe Perfios is a best-in-class fintech-focused SaaS player. Perfios continues to invest behind its market-leading tech stack, adding new use cases that enable the company to be the trusted partner of choice to leading financial institutions globally. We are excited to be a value-added partner to Perfios’ global ambitions.”

Commenting on the development, Sabyasachi Goswami, CEO, Perfios, said “Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line. I want to extend my heartfelt gratitude to all our partners who have trusted us throughout our journey. This investment will further help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe. I am glad to have Teachers’ Venture Growth as a new investor in our Perfios family.”

Ramgopal Subramani, Executive Director, Chief Strategy Officer at Perfios, expressed, "We are delighted that the investment from TVG reaffirms Perfios’ strong leadership in the markets of choice and our unbridled aspiration to continuously grow through strategic investments into newer domains and geographies to serve our clients better. TVG’s second direct investment in India and first in the enterprise B2B SaaS space inspires us to excel even further.”

As part of the investment, Darius Vakil, Director, TVG, India is slated to join the board of Perfios as the nominee of Ontario Teachers’ Pension Plan. With Bessemer Venture Partners joining in 2017 during the Series A round, Warburg Pincus in 2019, and Kedaara Capital’s investment last year, Perfios has garnered significant backing from these reputed investors over the years. This unwavering backing and support has been instrumental in Perfios’ continued growth and success.