Perfios, a leading fintech SaaS startup, has posted impressive financial results for the fiscal year 2023-24 (FY24), recording an astounding 819.2% year-on-year growth in its consolidated net profit. The company’s net profit reached INR 71.7 crore, a significant leap from the INR 7.8 crore reported in FY23. This remarkable surge in profit highlights Perfios’ strong business performance, driven by healthy revenue growth and improved margins.
Founded in 2008 by VR Govindarajan and Debasish Chakraborty, Perfios has emerged as a major player in the fintech sector, providing a range of software solutions to financial institutions. These solutions support critical functions such as credit decisioning, analytics, onboarding automation, and due diligence, positioning Perfios as a trusted partner for financial services companies. The startup has built a reputation for delivering cutting-edge technology that streamlines complex financial processes, helping institutions make faster, more accurate decisions.
For the fiscal year ending March 31, 2024, Perfios reported a 37.1% increase in its revenue from operations, which rose to INR 557.8 crore, up from INR 406.8 crore in FY23. This robust growth in topline revenue reflects the rising demand for its software solutions, as financial institutions increasingly recognize the value of automation and data-driven decision-making tools. The strong revenue performance was further bolstered by other income of INR 11.7 crore, bringing the company’s total revenue for the year to INR 569.5 crore.
Perfios’ impressive financial performance can be attributed to several factors. The company’s ability to offer innovative solutions that cater to the evolving needs of financial institutions has positioned it as a leader in its niche. The increasing digitization of the financial services sector has also created a favorable environment for Perfios’ growth, with more financial institutions adopting technology to enhance their operational efficiency. As a result, Perfios has successfully expanded its customer base, resulting in higher revenues and profitability.
In addition to strong revenue growth, Perfios has also been able to improve its profit margins, contributing to its significant bottom-line expansion. The company’s operational efficiencies and strategic investments in technology and talent have helped it scale its business while maintaining cost discipline, leading to higher margins and profitability.
Perfios’ profitability milestone in FY23, when the company first turned profitable, was a key turning point in its journey. The solid profit growth in FY24 further underscores the company’s ability to maintain its momentum and build a sustainable, high-growth business model. As the fintech sector continues to evolve and demand for advanced software solutions grows, Perfios is well-positioned to capitalize on emerging opportunities.
Looking ahead, Perfios’ leadership team, led by co-founders VR Govindarajan and Debasish Chakraborty, remains focused on expanding its product offerings and strengthening its market position. With a strong financial track record, a growing customer base, and an innovative suite of solutions, Perfios is poised for continued success in the rapidly expanding fintech ecosystem.
As the company enters FY25, it will likely leverage its strong foundation to explore new growth avenues, expand internationally, and continue enhancing its offerings to meet the needs of an ever-evolving financial services landscape.
