Perfios To Bag 80 Mn From TVG Ontario Teachers Pension Plan

Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, will invest USD 80 million into the business-to-business (B2B) SaaS fintech company Perfios. 

With presence in India, Southeast Asia, 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, it said in a statement.

Ontario Teachers’ Senior Managing Director and Head of India, Deepak Dara 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 digitisation 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.”

Teachers’ Venture Growth Senior Managing Director and Head in Asia, Kelvin Yu  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.”

Perfios CEO Sabyasachi Goswami 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.”

As part of the investment, TVG India Director, Darius Vakil 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 investors over the years.