Perfios and Govindarajan’s growth story

Perfios has successfully raised $229 million at a valuation of $900 million, further expanding its presence in North America and Europe. V.R. Govindarajan, the founder, had a journey that began with working at IBM and DEC before returning to India to establish Aztec software in 1996. Aztec, a company built in India for global markets, went public in 2000 and was later acquired by MindTree in 2008.

After this acquisition, Govindarajan, along with his Aztec colleague Chakraborty, envisioned a tool that could offer a unified financial dashboard. Their goal was to empower retail individuals to automate the consolidation and management of their portfolios and debt. Thus, the first version of Personal Finance One Stop (Perfios) was created.

However, monetizing the tool proved challenging, given India’s limited internet user base of 93 million in 2008, and consumers were reluctant to pay for a personal finance management solution. Initially targeting CAs and wealth managers did not yield the desired results. To pivot, Perfios shifted its focus to the B2B market, enhancing its product with an analysis layer and presenting it to banks. By 2016, it had secured over 50 enterprise customers, leading to a successful Series A funding round in 2017.

As of now, Perfios boasts 300 customers, positioning itself as a soonicorn, and concluded the fiscal year 2022 with a revenue of ₹136 crore. The company anticipates doubling its revenue projections for the fiscal year 2023, aiming for ₹270 crore.