EaseMyTrip said in a press statement on 7 November 2024 that it has partnered strategically with Hyperface, Asia’s first Credit Cards as a Service (CCaaS) platform. The partnership intends to improve the card management features of the travel booking website and provide a more customised, digital-first experience for both new and returning consumers.
Hyperface will assist EaseMyTrip throughout the customer experience through this relationship, from launching hyper-individualised ads for current users to onboarding new ones. It is anticipated that the change will improve client interaction and offer a more fulfilling experience.
In an effort to provide its clients with the greatest financial products available, EaseMyTrip is thrilled to collaborate with Hyperface. According to Rikant Pittie, co-founder of EaseMyTrip, this partnership is a big step towards improving the company’s card programmes and guaranteeing that its clients have a smooth, value-added experience.
How Hyperface will Further Help EaseMyTrip?
Currently in conjunction with several banks, EaseMyTrip’s co-branded credit and debit card programmes will be streamlined with Hyperface’s assistance as part of this relationship. Customers of EaseMyTrip should find it simpler to manage their cards and take advantage of customised benefits and rewards as a result of the integration, which will increase convenience and value. EaseMyTrip and Hyperface are aggressively pursuing the development of new co-branded credit card programmes in addition to improving their current card programmes. These programmes are designed to give EaseMyTrip users specialised advantages and incentives.
Hyperface’s dedication to using creative card solutions to address real-world problems is demonstrated by its collaboration with EaseMyTrip. According to Ramanathan RV, co-founder and CEO of Hyperface, the company is excited to work with EaseMyTrip to provide their clients with the greatest card experiences possible and to help them expand internationally.
ScanMyTrip, a Unique Travel Platform on ONDC, Launched by EaseMyTrip
According to a press statement from the company, ScanMyTrip.com, the nation’s first travel marketplace of its sort, was launched in September 2024 by EasyMyTrip.com. Additionally, it is now the first online travel agency (OTA) to use the ONDC Network to both buy and sell travel services. In order to increase their visibility in the online market, OTAs, MSMEs, travel agencies, and homestays will be able to include services including flights, hotels, and lodging on ScanMyTrip.com.
Businesses in the travel and tourism industry can take advantage of the digital infrastructure offered by ONDC thanks to EaseMyTrip’s partnership with the ONDC Network. Through this collaboration, even small-scale service suppliers can reach a wider clientele. ScanMyTrip.com simplifies the onboarding procedure, which helps companies interact with passengers and prosper well in the cutthroat online market.
TAC Security, India’s first publicly listed cybersecurity firm, is a force reshaping the landscape of cyber defense. Founded by Trishneet Arora, TAC Security has seen remarkable growth in its mission to make the digital world safer. The company leverages AI to provide businesses with cutting-edge solutions in vulnerability management, cyber risk quantification and penetration testing.
With impressive recent financials, including a 94% profit increase in Q1 FY25, and numerous accolades like “Great People Manager” and “Best Deep Tech Startup,” TAC Security is set to transform how companies understand and manage cybersecurity.
In this StartupTalky article, we will explore TAC Security’s success story, founders, funding, growth, achievements, and ambitious plans for the future.
TAC Security, a top name in global cybersecurity, recently made waves with its $1 billion IPO, attracting significant investor interest. Known for its expertise in vulnerability management, TAC Security stands out with its flagship platform, ESOF (Enterprise Security in One Framework), which offers powerful tools for cyber scoring, risk assessment, and sophisticated AI-driven vulnerability analysis and penetration testing.
Certified to the highest standards—like CREST, PCI ASV, and ISO 27001—TAC Security collaborates with tech leaders, including Google, Microsoft, and Meta, for its Cloud Application Security Assessment (CASA), ensuring robust security for cloud environments.
From Fortune 500 companies to innovative startups and government agencies, TAC Security provides cutting-edge cybersecurity solutions worldwide. In India, notable clients include Reliance Industries, Punjab Police, and the Central Bureau of Investigation, reinforcing TAC Security’s position as a trusted partner in protecting against data breaches and network vulnerabilities.
TAC Security – Industry
India Cybersecurity Market
The India Cybersecurity Market is expected to be worth $4.7 billion in 2024 and could grow to $10.9 billion by 2029. This means it is likely to grow by about 18.33% each year from 2024 to 2029.
The cybersecurity landscape in India is rapidly evolving, driven by strong market growth, technological advancements, and heightened global recognition. Since 2019, India’s cybersecurity market has expanded at an impressive 25% CAGR, with projections to reach a staggering $35 billion by 2025. This growth reflects increasing investments in cybersecurity solutions, which have seen a 38% annual increase and rising demand from sectors like smart cities, industrial automation, and healthcare. In particular, the Internet of Things (IoT) security market alone is on track to hit $3.5 billion by 2025, according to the India Electronics and Semiconductor Association (IESA).
As companies prioritize advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain, cybersecurity solutions incorporating these technologies are critical in bolstering threat detection and response capabilities. According to NASSCOM, this trend is expected to maintain a 15.6% CAGR, underscoring the importance of AI and ML in fortifying security frameworks.
The industry’s growth is paralleled by an active job market, with cybersecurity job postings in India rising by 14%. However, a significant talent shortage poses a challenge. Indian cybersecurity startups continue to make strides, positioning themselves as key players in the global arena.
In recognition of its progress, India has achieved Tier 1 status in the International Telecommunication Union’s 2024 Global Cybersecurity Index (GCI), a testament to the nation’s commitment to cybersecurity excellence and innovation.
TAC Security – Founders and Team
Trishneet Arora is the founder, chairman, and CEO of TAC Security.
Trishneet Arora – Founder, Chairman and CEO, TAC Security
Trishneet Arora has had an inspiring journey that began in Ludhiana, Punjab, where he was born on November 2, 1993. From an early age, he had a fascination with technology that eventually led him to the world of cybersecurity. His entrepreneurial path started in 2013, at the age of 19, when he launched TAC Security from Chandigarh. Despite challenges in school—like flunking 8th grade—Arora’s drive for self-learning led him to pursue education through unconventional routes.
“After my parents let me drop out, my learning actually grew threefold!” he recalls.
He began taking on small projects, from fixing computers to cleaning up software, and eventually received his first substantial payment of INR 60,000, which he invested directly into his budding company.
Arora’s curiosity about technology started young. He vividly remembers dismantling his father’s computer at just eight years old, only to have it repaired by a mechanic, a process he eagerly observed and later tried replicating. This early exposure ignited his passion for understanding hardware and software, ultimately leading him to experiment with hacking. By 2007, he made his first attempt at hacking—his father’s computer—an experience that prompted him to explore ethical hacking as a career. In 2013, Arora also made his mark as an author, publishing his first book, The Hacking Era. Arora’s achievements have since earned him accolades, including spots on the Forbes 30 Under 30 Asia list in 2018 and the Fortune India 40 Under 40 list in 2019. Today, he stands as a prominent figure in the cybersecurity industry, continuing to inspire a new generation of tech entrepreneurs and ethical hackers.
The story of TAC Security begins with Trishneet Arora, a self-made visionary who transformed his passion for cybersecurity into a global enterprise. Despite leaving school after the 8th grade, Arora’s determination and self-taught expertise in cybersecurity earned him accolades like the Punjab State Award and the Punjab Icon Award from the Chief Minister of Punjab.
Initially driven by a passion for cybersecurity, Arora saw an opportunity to turn his skills into a business after receiving early support and recognition. With a modest start, TAC Security quickly became a serious venture. The young team set a goal to make a global impact in cybersecurity, knowing it might take decades but confident that the journey would yield meaningful change.
TAC Security’s mission, “Securing cyberspace, securing the future,” reflects their commitment to combating cybercrime. Building a strong support system, Arora brought experienced cybersecurity professionals on board, including industry veterans from New York and Singapore, and received early funding from renowned investor Vijay Kedia. This support allowed TAC Security to scale quickly, expanding from Ludhiana to Chandigarh, then to Mumbai, and eventually to the United States.
An unexpected turning point came at a business conference in Gujarat, where a chance meeting led to a training session for officers from the Crime Branch and IPS. This encounter sparked long-standing collaborations with law enforcement, beginning with the Gujarat and Punjab police departments, and led to Arora’s role as IT advisor for the Punjab Police Academy.
Founded when Arora was only 19, TAC Security’s growth has been remarkable, with operations spanning globally and partnerships with governments and major corporations.
TAC Security – Mission and Vision
Mission: TAC Security is dedicated to advancing cybersecurity by managing and mitigating cyber risks for organizations worldwide. With a strong commitment to innovation, the company seeks to empower businesses—from Fortune 500 companies to startups and government agencies—through solutions that strengthen their cyber defenses.
Vision: TAC Security envisions a world where organizations fully understand the impact of cyber risks on their business. By translating complex cyber threats into clear, quantifiable terms, TAC Security helps clients make informed, strategic decisions about their cybersecurity needs. Through cutting-edge technology, TAC Security aims to make cybersecurity accessible and actionable for all.
TAC Security – Name, Tagline and Logo
TAC Security Logo
The TAC Security logo reflects the company’s core mission of robust protection and innovation in cybersecurity. Elements such as shields or interconnected shapes represent both protection and the interwoven nature of cybersecurity solutions.
The colors used are often cool, professional shades like blue or gray, conveying trust, reliability, and a sense of calm—qualities essential to a company entrusted with safeguarding sensitive digital assets. Overall, the logo aims to evoke strength, resilience, and TAC Security’s commitment to proactive defense.
TAC Security – Business Model
TAC Security operates on a Software as a Service (SaaS) business model, with a revenue stream anchored in critical cybersecurity services, including vulnerability management, cyber risk quantification, and penetration testing. Its flagship product, ESOF (Enterprise Security in One Framework), leverages advanced AI to deliver robust vulnerability assessments tailored to each client’s unique security needs.
TAC Security’s key service offerings are as below:
Penetration Testing: TAC Security conducts thorough penetration tests, helping clients identify and mitigate vulnerabilities before they can be exploited.
Incident Response: In the event of a cyberattack, TAC Security’s incident response services are on standby to contain and resolve incidents quickly, minimizing damage and downtime.
Security Consulting: The company also provides strategic security consulting, guiding organizations in building stronger, more resilient security infrastructures.
TAC Security – Revenue Model
As mentioned earlier, TAC Security operates on a Software as a Service (SaaS) model, generating revenue by offering cybersecurity solutions to an impressive clientele that includes Fortune 500 companies, major oil and gas firms, and other large enterprises.
A substantial portion of TAC Security’s revenue, around 70–75%, is sourced from the U.S. market, with the remaining 25% coming from its base in India.
Additionally, TAC Security has broadened its reach through four subsidiaries, including one in the UAE, strategically positioned to support its regional and global operations.
TAC Security has been recognized as a “Great Place to Work” and, for the third consecutive year, as a “Great People Manager Company” by the Great Manager Institute (GMI), in partnership with Forbes and The Economic Times. These accolades reflect TAC Security’s commitment to fostering a positive workplace culture and developing exceptional leadership within its team.
TAC Security – Challenges Faced
The recent National Cybersecurity Survey, launched in New Delhi by Lt. General Rajesh Pant, National Cybersecurity Coordinator, dives deeply into the current state of vulnerability management and risk communication across organizations in India. The survey highlights the methodologies used to identify, analyze, and manage vulnerabilities, revealing a cybersecurity landscape where many leaders understand the need for enhanced measures but struggle to upgrade due to various constraints.
One of the key findings shows that 56% of organizations endure complex, time-consuming processes to maintain current security standards, often without meaningful insights for management. Many Chief Information Security Officers (CISOs) are aware of gaps in their processes but lack the necessary resources or tools to address them effectively. The survey sheds light on the specific challenges faced by security leaders and the pressing need for more integrated capabilities to strengthen organizational cybersecurity infrastructure.
Trishneet Arora, TAC Security’s Founder and CEO, remarked, “The survey allowed us to dive deep into the pain points of security leaders, helping us bridge gaps in the industry. As cyber threats evolve globally, it’s critical to assess each organization’s unique needs to uphold the highest standards of cybersecurity.”
According to Lt. General Singha, Director of Global and Government Affairs, 88% of organizations rely on manual reporting for their security status—a cumbersome process that risks leaving vulnerabilities unaddressed. “This can be combated with cutting-edge cybersecurity products like our ESOF, which streamline and automate vulnerability assessment,” he noted.
In his foreword, Lt. General Rajesh Pant commended the progress made, noting that India, ranked 10th in the Global Cybersecurity Index (GCI) in 2020, continues to advance. He emphasized that CISOs are increasingly proactive, focusing on identifying gaps, enhancing cyber hygiene, and ensuring smoother risk and vulnerability management processes.
TAC Security – Funding and Investors
TAC Security has secured funding from two notable investors: Subinder Khurana and Vijay Kedia.
Date
Funding Amount
Round Name
Investors
April 3, 2020
$1 million
Venture Round
–
January 20, 2018
$500K
Venture Round
–
August 22, 2016
$65.6K
Angel
Vijay Kedia, Ankit Vijay Kedia
TAC Security – Mergers and Acquisitions
TAC Security’s strategic acquisitions have bolstered its cybersecurity portfolio, expanding its capabilities and market reach to support global enterprises in managing and mitigating cyber risks.
TAC Security, recognized as India’s first publicly listed cybersecurity firm, has experienced remarkable growth in the first quarter of the financial year 2025 (Q1 FY25). Here are some key highlights from their performance:
Revenue surged by an impressive 93.81%, rising from INR 26.5 million to INR 51.4 million.
Profit after tax (PAT) saw a significant boost of 94.45%, climbing from INR 12.5 million to INR 23.22 million.
The client base expanded dramatically to 590, a substantial increase from just 22 clients in the previous quarter.
TAC Security has successfully extended its operations into 55 countries, up from 22 in the prior quarter.
The company has welcomed several notable new clients, including Salesforce, AutoDesk, Nissan Motors, and Xerox.
In addition, TAC Security’s net profit has risen by 23%, totaling INR 6.33 crore for 2023-24, compared to INR 5.12 crore in 2022-23. Operating revenue has also seen a 17% increase, moving from INR 10.09 crore to INR 11.84 crore during the same period.
This impressive performance has not gone unnoticed; Trishneet Arora, the founder and CEO, has been ranked as the sixth youngest and 1,463rd richest individual on the Hurun India Rich List 2024, with a net worth of INR 1,100 crore. His recognition reflects the growing importance of India’s technology and cybersecurity sectors on the global stage.
TAC Security – Awards and Achievements
TAC Security has been awarded with various awards:
Best Deep Tech Startup of the Year (2018) – Awarded by Entrepreneur India.
Cyber Security Startup of the Year – Recognized by InfoSec Bridge Products (USA).
Company of the Year – Received from the Golden Bridge Awards (USA).
Techtors of 2020 – Awarded by Business World Magazine for the flagship product ESOF (Enterprise Security in One Framework).
MSME India Business Awards (2022)
Honored as Enterprise of the Year – Cyber Security
ISO/IEC 17025:2017 Certification
TAC Security became the first cybersecurity company to achieve this important certification, reflecting its commitment to quality and technical competence.
Securing Top Exchanges – In 2023, TAC Security became the first cybersecurity company to secure three out of the top five exchanges in India, reinforcing its reputation in the sector.
TAC Security – Competitors
TAC Security operates in a competitive landscape with several prominent players in the cybersecurity sector. Here’s a list of its top competitors:
CrowdStrike
ManageEngine
Phoenix Security
Qualys
Rapid7
ServiceNow
Tenable
Continuity
TAC Security – Future Plans
Initial Public Offering (IPO)
TAC Security is exploring options for raising capital, with plans for an IPO in early 2024. This move is likely aimed at fueling further expansion and innovation within the cybersecurity sector.
New Product Launches
ESOF VACA: This new platform focuses on vulnerability and risk management, enhancing TAC Security’s offerings to help organizations identify and address vulnerabilities effectively.
ESOF VMP: This platform is designed to assist customers in quantifying and mitigating cyber risks, providing them with the tools needed to manage their cybersecurity posture proactively.
Strategic Partnerships
TAC Security has formed strategic alliances with several industry leaders, which enhances its market presence and service capabilities:
Tech Mahindra: A partnership that may focus on leveraging telecommunications and IT expertise.
Deloitte: Collaborating with this global consulting firm can provide TAC Security with access to additional resources and insights in cybersecurity and risk management.
Ingram Micro: This partnership may help in distributing TAC Security’s products more widely across markets.
IBM: Collaborating with one of the largest tech companies allows TAC Security to integrate advanced technologies and broaden its cybersecurity solutions.
By focusing on building a strong local presence and strategic partnerships in the UAE, TAC Security is well-positioned to capitalize on the growing demand for cybersecurity solutions in the Middle East. Their plans reflect a proactive approach to market entry and growth, aligning with regional trends and increasing cybersecurity needs.
FAQs
What is TAC Security?
TAC Security is a worldwide cybersecurity company that focuses on finding and managing security weaknesses and provides security products for businesses.
Who is the founder of TAC Security?
TAC Security was founded by Trishneet Arora. He is the Chairman and CEO of the company too.
Who are the main competitors of TAC Security?
The main competitors of TAC Security include CrowdStrike, ManageEngine, Phoenix Security, Qualys, Rapid7, ServiceNow, Tenable, Continuity, and more.
The fintech industry in India is growing fast, especially in terms of digital investment. In 2024, the total transaction value in the digital investment market is expected to reach $148.10 billion, with a growth rate of 4.31% annually, projected to reach $175.30 billion by 2028.
MyFi is part of this exciting shift, offering an AI-powered financial assistant. It helps break down the complexities of investing, making it easier for people in India to make better financial decisions. With a simple, conversational approach, MyFi guides users through their financial journey.
In this article, learn more about MyFi, its founders, business model, challenges, growth, future plans, and more.
MyFi – Company Highlights
Company Name
MyFi
Headquarters
Bengaluru, Karnataka, India
Sector
Financial Services
Founder
Kiran Nambiar, Kinnari Thakker
Founded
2023
Website
askmyfi.com
MyFi – About
MyFi App
MyFi is India’s first conversational AI assistant designed for long-term wealth creation. It is not just another FinTech app; it is your unbiased financial companion, built at the intersection of AI and deep financial expertise. MyFi leverages research-driven, fact-based investment intelligence and advanced AI models to provide personalised investment guidance.
The company hopes that its users are able to have conversations with MyFi that they otherwise may not be confident about having even with an individual.
MyFi differentiates itself through a combination of AI, quantitative financial models, and a user-centric approach. Unlike traditional financial services, MyFi combines advanced technology with deep domain knowledge to provide accessible, data-driven solutions.
Backed by TIFIN, MyFi leverages global expertise to deliver personalised investment guidance to Indian investors. As part of TIFIN’s broader mission to democratise wealth management, MyFi is reshaping the industry by offering a scalable, efficient, and user-centric approach to investing.
MyFi – Industry
The Indian investment landscape is experiencing significant growth, with mutual fund folios reaching 191 million and demat accounts surpassing 160 million in 2024. This highlights the increasing complexity of the market, thus making informed decision-making more critical than ever.
At MyFi, the team recognises the challenges and opportunities this presents. Their mission is to simplify financial planning for individual investors, providing them with the tools and insights they need to navigate this intricate market. By leveraging advanced AI, MyFi aims to offer personalised conversations that help users make better investment decisions.
MyFi’s target market includes India’s rapidly growing middle class and digitally savvy population. They anticipate this market will continue to expand, driven by the increasing accessibility of digital financial services and a greater emphasis on long-term wealth creation.
In the next few years, MyFi’s goal is to assist its users with the overall financial management of their lives. They aim to be the financial companion you turn to for major financial decisions or to clarify any financial term you don’t understand. MyFi wants to holistically impact an individual’s wealth outcomes through personalisation. Looking ahead, the team envisions MyFi playing a pivotal role in transforming the financial industry by enhancing user experiences and investment outcomes.
Kiran Nambiar and Kinnari Thakker are the powerhouse duo behind MyFi, with Kiran also serving as CEO and Kinnari as CXO (Chief Experience Officer).
Kiran Nambiar
Kiran’s career began with a Bachelor’s degree in Engineering and Computing from Imperial College London. After starting at Bank of America Merrill Lynch and spending seven years at Morgan Stanley, he co-founded 1st Main, a digital agency that TIFIN later acquired. His role as a partner at TIFIN honed his skills in wealth management innovation. In 2024, backed by TIFIN, Kiran launched MyFi to bring AI-driven financial conversations to users, aiming to simplify and personalise financial management.
Kinnari Thakker
Kinnari Thakker brings a complementary skill set with her Master of Design (MDes) in Communication Planning and Information Design from Carnegie Mellon University. Her career includes roles as Chief Design Officer at TIFIN and co-founder of 1st Main, alongside Kiran. Kinnari’s expertise in design has been crucial in developing MyFi’s user experience, ensuring it’s both intuitive and engaging.
Their shared history of successful ventures and complementary skills create a strong foundation for MyFi.
Bringing all of this to life would not have been possible without Dr. Vinay Nair and Bhavna, both of whom are key figures at TIFIN. Dr. Nair, TIFIN’s Founder, and CEO, has a notable background in fintech and personalised wealth management, including founding 55ip, which was acquired by J.P. Morgan. Bhavna, TIFIN India’s Chief Operating Officer, brings over 23 years of experience in cross-border investing, capital markets, and corporate finance, having worked with firms like Morgan Stanley and Citi India.
Vinay and Bhavna have both been key contributors in shaping the product they have today and continue to be actively involved in MyFi’s growth and strategic direction.
MyFi – Startup Story
The inspiration for MyFi came from Kiran’s experience in the financial technology sector, which has been a major part of his career. He firsthand saw the significant gap in financial literacy among individuals in India. The growing number of people investing their money highlighted the urgent need for accessible and unbiased financial guidance.
The next step involved identifying the specific issues within this gap. Through surveys and in-person interviews, they discovered that many investors lacked qualified financial support, often depending on informal advice from friends or family, which wasn’t always accurate or reliable. This feedback emphasised the need for a solution that could provide reliable, informed guidance.
With these insights, they developed wireframes and mockups to bring MyFi’s core features to life. There was a lot of feedback and back and forth to the drawing board before they started to build the product. This iterative process allowed them to refine their product and ensure it met real-world needs. It also helped them understand the complexity of the problem they were solving and what to focus on from the start. The validation from initial discussions and the positive response they received affirmed the project’s potential and set the stage for its development. The people they spoke to came from a range of backgrounds, including VC firms, HNIs, and individual investors with a range of incomes starting from around 5 lakhs per annum to people working in wealth management firms.
Ultimately, this not only confirmed the necessity for a tool like MyFi but also solidified their commitment to creating a product that genuinely empowers individuals in their financial journeys.
MyFi- Mission and Vision
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Our vision for MyFi is financial freedom for everyone. MyFi aspires to become a wealth assistant, empowering the masses in India to build long-term wealth and achieve better financial outcomes.
Managing mutual funds in India is complicated, requiring investors to stay updated with constantly changing market trends. That’s where MyFi comes in—it is here to help individual investors navigate these complexities and reach their financial goals.
Given the sheer volume of investors in the country, this is a segment that cannot be addressed solely through human interaction. MyFi’s strategy leverages the extensive knowledge and experience of TIFIN’s investment combined with advanced technology, addressing the complexities of financial planning in a user-friendly way.
In the long run, MyFi aims to make informed financial decision-making accessible to everyone, while also promoting financial literacy across India. Building trust and delivering real results are essential to this journey. By sticking to the core value of “Impact through Innovation at Speed,” shared with TIFIN, the founders ensure continuous improvement and refinement of the platform. This commitment helps them continually enhance MyFi, striving to make it the go-to wealth management solution for millions of Indians.
MyFi – Products/Services
MyFi is here to make financial planning simpler and more accessible. More than just a financial tool, MyFi is a personal guide through the maze of investing. Its mission is to simplify financial planning and make it accessible to everyone, regardless of their expertise.
MyFi stands out by using advanced AI to engage in meaningful conversations with users. This AI isn’t merely about churning out data; it aims to understand each user’s unique financial needs and preferences. MyFi’s technology is designed to make these conversations as intuitive and insightful as possible.
The innovation lies in how this AI is blended with the expertise of the in-house team. With two decades of investment experience shaping the recommendations, MyFi’s algorithms ensure that insights are based not only on current market trends but also tailored to each user’s specific situation. When users connect their portfolios, MyFi’s technology assesses them in real time, offering suggestions that fit seamlessly with existing investments.
MyFi’s unique selling point is its combination of transparency and expertise. As a SEBI-registered investment advisor, MyFi ensures that its recommendations are entirely unbiased, with no commissions or hidden motives—just straightforward, quality guidance intended to empower users.
As it continues to grow, MyFi remains committed to empowering individuals with the confidence and clarity they need to make smart financial decisions and secure their financial future.
MyFi operates on a subscription-based model designed to keep things simple and transparent for users. For INR 299 a month, subscribers receive full access to everything the platform offers.
This model enables MyFi to provide reliable, ongoing support while ensuring that users can comfortably integrate MyFi into their financial routines. The focus is on making high-quality financial guidance both accessible and affordable, allowing users to concentrate on making smart financial decisions without breaking the bank.
MyFi – Launching Company Strategies
Getting the first 100 customers is always a big win, and for MyFi, there was a clear plan to make it happen quickly. The initial move was to announce MyFi through a press release featured in various influential news sources, setting the stage for the launch. From there, the campaign ramped up with targeted influencer marketing. Six influencers were carefully selected, ranging from financial experts to lifestyle figures, with followings between 10,000 and over 500,000 on Instagram, to generate buzz and draw attention to the app. MyFi also partnered with coworking spaces in Bangalore and organised pop-up events to engage directly with potential users.
Additionally, affiliated advertisements and WhatsApp notifications were used to reach potential customers. This approach allowed MyFi to engage with users who might not have been targeted through other channels, helping to cover all bases and build awareness about the platform.
The results of these strategies were impressive. Within two months, MyFi saw over 10,000 downloads and 900+ connected accounts. Assets linked through the platform also crossed INR 400 crore. The early engagement achieved through these efforts not only helped hit initial targets but also laid a strong foundation for ongoing growth.
MyFi – Growth
MyFi is experiencing exciting progress at the moment. Operating primarily out of Bengaluru, the company has plans to expand further as it grows. The user base is steadily increasing, with impressive week-on-week growth of 50%.
The current focus is on connecting accounts to the platform, which has been going significantly better than expected. The target for the quarter ending September was INR 250 crore, and by the end of August, MyFi had already crossed INR 400 crore.
Although still in the early stages, these metrics reflect a strong start and indicate a promising path forward.
When MyFi was launched, one of the biggest challenges was adapting the technology for the Indian market. While the team had successfully built Magnifi for the US, they recognised the need to tweak it to fit the unique needs of Indian investors.
The main hurdle was understanding how the Indian financial landscape operates differently from the US. The team had to delve into the specifics of market behaviours and user preferences in India, which involved a learning curve. It wasn’t just about translating the technology but ensuring it felt right for the new audience.
To tackle this, the founders engaged with financial experts and gathered real feedback from potential users. The product was adjusted based on this input, ensuring it was relevant and easy to use. This process involved considerable trial and error, but it ultimately helped shape MyFi into something that truly connects with Indian investors.
By blending their experience in the US with adaptations for the local context, the team created a product that not only leverages proven technology but also feels tailored to the needs of Indian users.
MyFi – Competitors
Share the major competitors of MyFi include:
MoMoney
Dezerv
Mool.ai
Liquide
Scripbox
ET Money
MyFi – Future Plans
In the next 1-2 years, MyFi is excited about expanding its capabilities and reach. The focus will be on enhancing the user experience and adding features that will make financial management even more intuitive and effective.
One key area being worked on is expanding the portfolio analysis and recommendation features. MyFi plans to introduce more tools that will help users not only manage their investments but also plan their long-term financial goals. While the current focus is on mutual funds, stocks will be introduced on the platform in the coming months.
On the business side, MyFi aims to continue growing its user base. The company is exploring partnerships and collaborations that will help reach new demographics and build brand awareness. Additionally, there are plans to expand offerings beyond mutual funds to include other investment avenues that users are interested in.
FAQs
What is MyFi?
MyFi is India’s first conversational AI assistant designed for long-term wealth creation. It is not just another FinTech app; it is your unbiased financial companion, built at the intersection of AI and deep financial expertise.
Who is the founder of MyFi?
Kiran Nambiar and Kinnari Thakker are the founders of MyFi, with Kiran serving as CEO and Kinnari as CXO.
Who are the competitors of MyFi?
Some of the major competitors of MyFi include MoMoney, Dezerv, Mool.ai, Liquide, Scripbox, and ET Money.
A few sellers on Amazon and Walmart-owned Flipkart had their premises raided by the Enforcement Directorate (ED) on 7 November 2024 on suspicion of breaking the Prevention of Money Laundering Act (PMLA) and foreign investment standards.
19 locations in New Delhi, Gurugram, Panchkula, Hyderabad, and Bengaluru were searched, according to official sources. According to various sources, among of the companies being investigated are Appario Retail, Shreyash Retail, Darshita Retail, and Ashiana Retail. This could not be independently confirmed, though.
Why These Offices Have Been Raided?
There have been accusations, according to sources, that these dealers have been importing goods from China by paying lower import taxes and rerouting them through other countries. Complaints about underinvoicing are also present. According to a media report, many vendors route their goods through other areas for quicker clearance because Chinese consignments are detained for extended periods of time at ports for security inspections. According to media sources, they might not be aware of all the facts because the searches were conducted on sellers rather than e-commerce companies.
According to official sources, there have been multiple grievances from impacted parties alleging that e-commerce companies are favouring some sellers over others and even influencing product prices either directly or indirectly.
Dos and Don’ts of FDI
Companies like Flipkart and Amazon use the marketplace model since inventory-based e-commerce prohibits foreign direct investment (FDI). This indicates that they provide an online marketplace for vendors to sell their goods rather than maintaining their own stock. However, physical B2B stores run by Amazon and Flipkart also permit FDI. They sell goods to sellers through these businesses, and the vendors resell the goods on their platform.
The government has implemented a few further restrictions to prevent any FDI violations. The marketplace platform, for example, is not permitted to own stock in seller entities. Additionally, no more than 25% of the products that vendors on their marketplace can source come from their B2B businesses. The merchants, not Flipkart or Amazon, must offer the discounts.
According to official sources, ED examined documents from roughly six of these vendors and made copies of some of them. The Confederation of All India Traders (CAIT), meanwhile, applauded the ED’s move.
CAIT and AIMRA Already Filled Petitioned to CCI
The mainline mobile retailers’ group AIMRA and the CAIT had previously petitioned the CCI to immediately suspend Flipkart and Amazon’s operations, claiming that the companies were using predatory pricing and burning money to offer steep product discounts.
This government is dedicated to making sure that the trading community cannot be harmed by anyone. CAIT Secretary General Praveen Khandelwal said, “We urge both the CCI and the ED to take swift action and prevent any further, irreparable damage to the businesses of small traders in response to multiple complaints filed by the trading community regarding FDI violations and the anti-competitive practices of quick-commerce companies such as Blinkit, Swiggy, and Zepto.”
As part of its attempts to increase profitability and reduce unnecessary expenses, finance influencer Sharan Hegde’s 1% Club has laid off 15% of its employees. In a LinkedIn post, Hegde stated that he recently let go of 15% of his employees and that he had received numerous messages from friends and the media asking if he was going bankrupt. The irony is not lost on him as a finance guru who made financial education the cornerstone of his business.
Hegde did not specify how many workers were impacted; however, a Reddit user stated that about 40 workers were let go.
Sharan Hedge Discusses the Financial Results of 1% Club
Hegde’s LinkedIn post states that 1% Club has a strong EBITDA margin of 35–40% and generates about $8 million in annualised revenue. Hegde emphasised the company’s sound financial standing by stating that it has operated independently of outside investor funding.
He said that the client had placed INR 10 crore in a fixed deposit (FD) that was yielding an 8.5% interest rate. In October of last year, millionaire Nikhil Kamath’s Gruhas and Abhijeet Pai from the Puzzolana Group contributed INR 10 crore to the 1% Club. Additionally, according to Hegde, 1% Club has been creating new financial services and products that have already turned a profit and serve close to 85,000 active, paying clients.
What Caused the Layoffs?
The layoffs, according to Hegde, are a part of the startup’s first significant cost-cutting initiative since its founding. He disclosed that 1% Club, which started off with just five interns two years ago and currently has close to 200 employees, saw quick expansion that resulted in some hiring and operating expense inefficiencies.
“Two years ago, I launched this business in my bedroom with just five interns. Today, we employ about 200 people. It goes without saying that when you expand at such a rapid rate, you will inevitably make some hiring and unnecessary spending blunders,” he said.
This is the company’s first cost-cutting initiative since its founding. According to Hegde, the company has discovered substantial AI-driven cost savings that can increase efficiency and profitability and be put back into the expansion of the company.
Assistance for Impacted Workers
Hegde recognised the decision’s difficulty and the psychological toll it would take on the impacted staff. He stated that the 1% Club will continue to assist laid-off workers in locating new employment prospects and has provided substantial severance compensation depending on seniority.
One of the leading financial influencers in India, Sharan Hegde, has more than 3 million followers on social media, including more than 2.7 million on Instagram. The online platform 1% Club, which was co-founded by Raghav Gupta and Sharan Hegde, assists users in becoming financially independent. The startup offers masterclasses, financial planning tools, and teaching materials.
On November 7, a renowned news outlet stated in its report that the Income Tax Department of India (IT) had begun an investigation into the spam caller blocking software Truecaller and calling ID due to a suspected violation of the transfer pricing regulation action.
According to the report, Truecaller’s offices and other locations connected to the app in Gurugram and a few other locations have been raided by IT department officers.
App is Very Popular in India
In India, the app has more than 400 million active users. Truecaller Fraud Insurance is a new service that the app introduced in India with the intention of providing premium customers with extra security in the event that they become victims of fraud.
Truecaller, a calling ID and spam caller blocking app, teamed up with HDFC Ergo to offer this service. Since these types of frauds are becoming more common, Truecaller stated that the new tool will truly assist consumers to protect themselves with these fake and fraud calls.
Truecaller’s Response
The corporation responded by saying that Truecaller is now fully supporting the authorities at its headquarters. This was unexpected, and Truecaller is presently awaiting formal confirmation and word from the tax authorities.
According to the company’s press statement, Truecaller will fully comply with the appropriate authorities, and this is not an unusual practice. The business added that, other than regular tax audits, Truecaller is not the target of any tax investigations in India.
For its intra-group transactions, Truecaller follows the globally recognised arm’s length norm for transfer pricing, as was previously stated. As far as the Swedish and Indian tax authorities are concerned, the goal is to make sure Truecaller pays taxes correctly. According to the release, the policy is regularly examined by an impartial party to make sure it complies with the requirements of both nations’ tax laws.
To make sure that cross-border transactions between linked firms are carried out at market value and avoid profit shifting to lower-tax jurisdictions, the tax authorities have increased their inspection of transfer pricing legislation. To stop income leaks, the tax probes on international firms that were previously conducted to verify compliance in the tech and digital industries have been expanded.
With features like caller ID, call blocking, flash messaging, call recording, chat, and voice over the internet, the Stockholm-based startup runs a smartphone application.
The business maintained that, aside from regular tax audits, its operations are “entirely transparent” and immune to tax investigations in India.
Rishit Jhunjhunwala Has Been Appointed as the New CEO of Truecaller
Rishit Jhunjhunwala, the current chief of products, was named Truecaller’s new CEO the day before the raids took place. Jhunjhunwala is the managing director of Truecaller’s India division and has been with the company since 2015. On January 9, 2025, he will assume his new position following Alan Mamedi’s resignation. In a letter, co-founders Alan Mamedi and Nami Zarringhalam announced their decision to leave Truecaller’s operational responsibilities on June 30, 2025.
At an AI firms summit in Bengaluru, tech giant Google unveiled a number of initiatives and collaborations aimed at boosting the expansion of artificial intelligence (AI) firms in the nation. These initiatives assist early-stage AI entrepreneurs in developing, expanding, and gaining clients for their Google Cloud-based solutions.
Google announced the launch of the 12-week Emerging ISV Partner Springboard initiative, which is intended to accelerate the growth of AI firms. In addition to expedited onboarding to Google Cloud Marketplace, participants will receive practical assistance in creating go-to-market assets, access to Google AI specialists for product refinement, and advice on technical architectural best practices.
Google is Now Focusing on Empowering AI Startups
Supporting AI businesses to encourage innovation and expansion is a priority for Google. According to Manish Gupta, senior director, research, Google DeepMind, these efforts show Google’s commitment to giving early-stage founders the resources and assistance they need to create and grow profitable AI-powered companies.
Google Cloud CEO Thomas Kurian praised the creative thinking and persistence of entrepreneurs using AI and cloud technology to drive revolutionary growth during a fireside chat at the Global Google Cloud Summit in October 2024. The goal of Google Cloud, he said, is to help these trailblazers succeed by giving them the resources, tools, and guidance they require. By means of strategic alliances, customised initiatives, and cutting-edge infrastructure, Cloud is dedicated to helping companies expand their influence and propel the upcoming digital revolution.
Google for Startups Cloud Programme
Through the Google for Startups Cloud Program, which will now offer $200,000 in Google Cloud credits over two years, early-stage startups will receive more assistance, allowing them the time they need to develop and expand their ideas. With $350,000 in credits, AI-first firms will get even more help, acknowledging the higher processing demands of advanced AI development. The founders will be able to take advantage of Google Cloud’s full potential and capability thanks to this investment.
Additionally, Google and Y Combinator have teamed up to provide its Summer 2024 cohort of AI-first entrepreneurs with cloud credits, coaching, support, and dedicated access to NVIDIA H100 GPUs and Google Cloud TPUs. Furthermore, Google is working with top early-stage incubators and accelerators, such as Berkeley Skydeck, StartX, 500, and others, to provide early-stage creators with a unique bundle of technical seminars, professional advice, and Google Cloud credits.
Startup School: GenAI and Google Cloud’s Collaboration with DeliverHealth
Furthermore, Google announced the opening of Startup School: GenAI, a thorough four-week immersive training programme created to enable entrepreneurs to fully utilise artificial intelligence. This free online series features live, interactive seminars taught by Google AI specialists starting on October 29. In addition to learning best practices for creating and implementing AI solutions, participants will investigate the most recent advancements in Google Cloud AI and obtain hands-on experience with generative AI. From fundamental ideas to sophisticated methods, the programme covers a wide range of subjects, giving businesses the know-how and abilities they need to create innovative AI-powered goods and services.
In an effort to revolutionise the way healthcare practitioners record patient care, Google Cloud recently announced its partnership with DeliverHealth, a prominent company in healthcare clinical documentation. With the help of DeliverHealth’s vast collection of 150,000 audio hours of human-curated medical notes every month and Google Cloud’s cutting-edge Gemini 1.5 Pro multimodal AI models, the partnership seeks to provide a novel solution with precision, speed, and medical specificity.
According to Bikram Singh Bedi, vice president and country managing director of Google Cloud India, the two companies are working together to rethink clinical documentation in order to free up doctors to concentrate more on patient care.
In a world where the internet connects people, places, and devices, data is the pulse of modern life. In this age of automation, where speed and accuracy are paramount, the ability to handle massive data flows efficiently is no longer a luxury—it’s a necessity. The demand for real-time analysis, risk management, and pricing solutions has skyrocketed, pushing tech companies to develop smarter, more agile platforms. That’s where Perfios comes into play, offering a suite of solutions simplifying this complexity for global financial institutions. With fresh investment, Perfios has become the second unicorn of 2024, crossing the $1 billion valuation mark.
Founded in 2008, Perfios is a platform that excels in extracting, categorizing, and analyzing thousands of data types in real time. This platform is built to adapt, learn, and grow the businesses they support. Whether it’s decoding encrypted traffic or handling data from various entities across geographies, Perfios brings clarity to complexity.
Perfios is proud to say that they’ve been a trusted partner to over a million users, offering them secure, agile, and scalable solutions that transform their digital journeys. A track record of zero security incidents speaks volumes about Perfios’ commitment to privacy and data security.
Perfios – Industry
The fintech industry is booming, and India is leading the charge as one of the fastest-growing markets globally. Valued at $584 billion in 2022, the Indian fintech market is expected to soar to $1.5 trillion by 2025. Within that, the digital lending sector alone was worth $270 billion in 2022 and is projected to hit INR 4.5-5 trillion by 2028.
Meanwhile, the SaaS market has seen explosive growth over the past decade, with no signs of slowing down. Globally, it’s expected to reach $307.3 billion by 2026 and an astounding $908.21 billion by 2030. The surge is fueled by the need for remote work solutions, the rise of cloud-based technologies, and the demand for scalable, cost-efficient software.
What’s more, SaaS has now evolved to offer a strong line of defense against security threats like data breaches, thanks to its enterprise-level security measures and built-in disaster recovery protocols.
Coming a long way since their early days in the financial sector, Perfios now proudly serves over 1000 lenders in India—including all of the top 10 banks, along with a majority of NBFCs and Fintechs. Their success in India has set the stage for global expansion, where their customizable ML algorithms seamlessly adapt to any country’s statement formats, making data decisions a breeze. They’ve tailored their processes to fit the specific needs of each region and client, ensuring accuracy and efficiency. As India’s digital landscape continues to boom, with projections of the digital signature market growing at an impressive CAGR of 27.5% by 2026, they’re excited about the future and ready to ride this wave of growth.
Perfios – Founders and Team
V.R. Govindarajan and Debashish Chakraborty founded the company in 2008.
V.R. Govindarajan (GOVI)
V.R. Govindarajan – Co-founder and Executive Chairman of Perfios
Govi, Perfios’ co-founder and Executive Chairman, is the driving force behind the vision of making them the most trusted name in personal finance software in India. With over 32 years of experience in the IT industry across the US and India, he’s no stranger to innovation. Before Perfios, Govi co-founded Aztecsoft, a pioneer in Offshore Product Development, and has had stints at tech giants like Digital Equipment Corporation (DEC) and IBM, specializing in database technology. Armed with an M.S. in Computer Science from Massachusetts University and a B.E. in Electrical and Electronics from IISc Bangalore, Govi stays actively involved in the tech community, frequently speaking at both Indian and international conferences.
Debashish Chakraborty is the Co-Founder and Board Member of Perfios. Chakraborty brings great experience to his role, having spent 22 years in the software industry. After completing his B.Tech at IIT Kharagpur and M.Tech at IIT Kanpur, he dove into a career that took him from optimizing compilers at Wipro to pioneering software frameworks and application servers at Aztec.
In the early days at Wipro, he worked on optimizing compilers, a market boosted by limited foreign competition due to government policies. Later, he joined IBM India, where he rotated between the IBM T.J. Watson and Almaden Research Labs, focusing on device drivers and database technologies. By 1997, he joined Govi as one of the founding members at Aztec, where he thrived as an architect, creating frameworks for developers.
At Perfios, Mr. Chakraborty leads the team in building the company’s innovative product line.
Sabyasachi Goswami
Sabyasachi Goswami – CEO of Perfios
Sabyasachi Goswami is the CEO of Perfios. With over 20 years in financial services, fintech, and product technology, Mr. Sabyasachi Goswami brings expertise in P&L management, business development, business strategy, and product development. He is an alumnus of Symbiosis Institute of Management Studies and an executive professional LEAD graduate from Stanford Graduate School of Business. Sabyasachi has led strategic roles in Retail and SME Banking, overseeing major business acquisitions and private equity investments.
His strengths in enterprise sales, consultative selling, and relationship-building have driven significant business growth. Known for launching new products, assessing risks, and executing marketing strategies, he has consistently met market targets. Dedicated to leadership development, he nurtures future leaders, emphasizes an entrepreneurial mindset, and excels in collaboration, earning multiple awards for his achievements.
Rajesh Kini
Rajesh Kini – CFO of Perfios
Perfios has appointed Rajesh Kini as its Chief Financial Officer! He served as CFO of Infosys’ product subsidiary and led their Corporate Accounting Group. With over 25 years of financial leadership experience, Rajesh is well-equipped to align with Perfios’ vision of sustainable growth. He has a strong track record in optimizing financial performance, improving margins, and enhancing operational efficiency.
A Chartered Accountant, Rajesh holds a bachelor’s degree in commerce from St. Joseph College of Commerce, Bangalore. His expertise will be key in guiding Perfios through its global expansion.
Perfios – Startup Story
Perfios is the brainchild of Mr. VR Govindarajan and Mr. Debasish Chakraborty, who launched the company back in 2008 with a shared vision for simplifying financial management. Govindarajan initially served as CEO, while Chakraborty, a computer science graduate from IIT Kanpur, brought his tech expertise, and Santosh contributed his industry insights. They envisioned Perfios as a “Personal Finance One Stop,” helping individuals track and manage their finances—hence the name Perfios.
As they dug deeper into the market, the co-founders recognized a greater opportunity within the B2B space. Pivoting in 2013, they channeled their expertise into developing solutions for banks and financial institutions, transitioning Perfios into a sophisticated B2B software provider. By keeping the team lean and relying solely on angel investors, they prioritized impactful, innovative tools over rapid scaling.
Perfios saw some key leadership changes over the years. In August 2022, Govindarajan was made executive chairman, and a senior leader within Perfios, Goswami, stepped in as CEO. By 2023, Chakraborty stepped back from his role as CTO, making room for Sumit Nigam from Tata Digital. While Govindarajan and Chakraborty continue as board members, Santosh is no longer a part of Perfios.
By 2014, Perfios had developed technology to process various document formats like PDFs, turning them into structured data for companies to use efficiently. This innovation paved the way for Perfios Insights, a comprehensive suite that enables banks and lenders to verify applicants’ income and employment details—a critical step for loan and credit approvals. The strategic shift cemented Perfios as a trusted partner for financial institutions, providing smart, reliable solutions tailored to the industry’s needs.
Perfios – Mission and Vision
At Perfios Software Solutions, theirmission is to create an ecosystem where every financial decision is powered by real-time data. They are dedicated to building an exceptional suite of products tailored to their expertise and geographic focus. From improving security and legal compliance to reducing errors and promoting sustainability, they ensure seamless integration of financial services into their customers’ everyday lives. Perfios is not just reshaping how money is managed; they’re simplifying it—making transactions easier, more secure, and incredibly convenient. Understanding and meeting customer preferences is at the heart of everything Perfios does, helping them thrive in the highly competitive financial landscape.
Perfios – Name, Tagline and Logo
Perfios Tagline – Lead/Leap
Perfios’ logo, under the “Lead/Leap” positioning, symbolizes its evolution into a global tech platform, supporting the entire customer lifecycle from onboarding to underwriting. The flame arrow reflects progress, innovation, and focused energy, highlighting Perfios’ mission to drive financial inclusion for billions. This identity underscores their commitment to building institutions and spreading expertise and impact.
Perfios’ new brand identity, “Lead/Leap,” reflects bold steps and trailblazing innovation. It’s all about a forward-thinking attitude, summed up as “leading with brilliance, pushing beyond boundaries.”
Perfios – Business Model
Perfios kicked off its journey by launching the first cloud-hosted, fully automated Personal Finance Management solutions. They then went on to build the Perfios data platform, which remains unmatched in its scope and capability. Additionally, their platform leverages cutting-edge machine learning techniques to provide deep data analysis tailored to each customer’s needs, delivering reports that are uniquely customized. Privacy and security are core to their design philosophy; where they ensure that no Personally Identifiable Information or account details are stored, keeping their customers’ data safe and secure. Perfios’ lead generation taps into data from around 4 crore MCA and non-MCA registered entities, allowing for large-scale lead generation and effective lead qualification for B2B businesses. How?
Relying only on inbound leads and existing connections can slow down how well your new products catch on in the market. Whereas, outbound lead generation means reaching out to potential customers who may not know about your product yet. It involves making calls or sending messages to spark interest and build a strong sales pipeline.
Here, you might end up pitching to people who aren’t that interested, no matter how long you spend on it. That’s where focused outbound lead generation with Perfios comes in handy. It’s a great way to get higher conversions faster.
Perfios – Revenue Model
Consumer Lending Solutions: Customizable, plug-and-play solutions for income and employment verification. Automates credit assessment and decision-making for financial institutions and lenders.
SME Lending: Tools to evaluate the financial health of SMEs and corporates seeking credit. Assesses creditworthiness, and payment capacity and identifies potential lending risks.
Wealth Management: A leading personal finance management app that consolidates financial information into a single dashboard. Enables financial institutions to offer targeted advice and cross/upsell products, and helps customers achieve their financial goals.
Account Aggregator: Solutions that aggregate and analyze both structured and unstructured data, providing deep analytics and insights.
Specified Solutions: Specialized tools for digital transformation in lending processes. Includes InDigize, an intelligent solution that speeds up the processing of unstructured data and eliminates slow, error-prone manual tasks. Additionally, Perfios generates revenue through multiple streams, including software coding and maintenance services, as well as license and subscription fees.
Perfios Financials
Perfios Financials
FY22
FY23
FY24
Operating Revenue
INR 136 crore
INR 407 crore
INR 557.8 crore
Total Expenses
INR 156 crore
INR 386 crore
INR 495.5 crore
Profit/Loss
Loss of INR 16.8 crore
Profit of INR 7.8 crore
Profit of INR 71.67 crore
Perfios Financials FY24
Perfios’ operating revenue grew by 199% from INR 136 crore in FY22 to INR 407 crore in FY23. Total expenses increased by 147%, rising from INR 156 crore to INR 386 crore. The company moved from a loss of INR 16.8 crore in FY22 to a profit of INR 7.8 crore in FY23, marking a significant financial turnaround.
In FY24, Perfios’ operating revenue increased to INR 557.8 crore, up 37% from INR 407 crore in FY23. Total expenses also saw an increase of about 28.3%, reaching INR 495.5 crore in FY24 from INR 386.4 crore in FY23. Perfios’ profit after tax (PAT) saw an 820% increase to INR 71.67 crore in FY24 from INR 7.8 crore in FY23.
Perfios – Challenges Faced
At Perfios, a few big challenges have to be dealt with as they work to stay ahead in the financial tech game. One of their main hurdles is figuring out whether to team up with just one lender or go for multiple partnerships. Sticking with a single lender might limit their growth because it narrows their potential borrower pool. But if they partner with several lenders, they get more chances for business, although it comes with its own set of problems.
The integration process with multiple lenders can be tricky. They tackle tech issues like security, data management, and making sure their systems work well together. Ensuring data safety is a big deal, so they have to use strong encryption and set up solid network security. Plus, the whole integration process takes a lot of time and requires them to handle regulatory requirements and manage resources carefully.
Perfios – Funding and Investors
Perfios Software Solutions has raised a total of $441.2 million in funding over 7 rounds. Their latest funding was raised on Mar 13, 2024, from a Series D round. Perfios has caught the attention of five key investors: Warburg Pincus is Perfios’ largest shareholder with a 41% stake, while Bessemer holds 32.1%, showing strong investor confidence. Teachers’ Venture Growth (Darius Vakil, Deepak Dara, and Kelvin Yu) and Kedaara Capital are the latest to back them.
Their latest funding boost of $229 million came from a Series D round in March 2024, which is keeping them well-equipped to keep growing!
Announced Date
Funding Round
Amount
Investors
March 13, 2024
Series D
$78.84 million
Teachers’ Venture Growth
September 11, 2023
Series D
$229 million
Kedaara Capital
September 11, 2023
Secondary Market
–
Kedaara Capital
October 18, 2022
Debt Financing
$5.98 million
Stride Ventures
February 25, 2022
Series C
$70 million
Bessemer Venture Partners, Warburg Pincus
November 19, 2019
Series B
$50 million
Bessemer Venture Partners, Warburg Pincus
April 4, 2017
Series A
$6.1 million
Bessemer Venture Partners
Perfios – Mergers and Acquisitions
Perfios acquired Chennai-based Fego.ai, bringing in their 30-member team. Co-founders S. Kumar Srivatsan and S. Kumar Srikanthan joined Perfios to lead product and strategy, respectively.
They also snapped up Karza Technologies, a banking and financial intelligence solution provider.
Perfios – Growth
Perfios is on a serious growth journey! Today, Perfios has grown to become the largest SaaS-based B2B fintech software company in India, serving over 800 financial institutions with a product suite of more than 75 solutions across 18 countries, including Southeast Asia, the Middle East, APAC, and MENA regions.
In FY22, the company reported $17.5 million in revenue and has maintained profitability for the past five years. According to Goswami, Perfios is actively exploring inorganic growth opportunities to expand into new verticals and geographies and is open to raising future VC funding to support acquisitions. To date, it has secured $452 million in funding from top investors like Warburg Pincus and Bessemer Venture Partners.
With plans to supercharge their tech stack, they’re ready to transform the entire customer experience across banking, insurance, and embedded commerce. Backed by TVG’s investment, Perfios is gearing up for even bigger things ahead, taking their international growth to the next level.
Powers 90% of India’s financial institutions, handling 8.2 billion data points and 1.7 billion transactions yearly. Strong data capabilities helped major Indian banks offer same-day loans and instant approvals.
Expanding into insurance (fraud detection) and HR tech (background verification) sectors with AI-powered solutions.
Named “Best Fintech in Value Added Services” by the BT-KPMG jury.Disruptive Innovation Award for their Health Claims Analysis Solution and PerSieve at Elets Insurance Innovation in Mumbai.
Deloitte Fast 50 Award winner in the FinTech category.
Named Best Lending Tech Initiative of the Year at the ETBSFI Excellence Awards.
Perfios – Competitors
Some of Perfios’ key competitors with their market share are as below:
QuickBooks with 45.24%
NetSuite with 10.53%
Cognos with 6.98% market share
Perfios – Future Plans
Perfios is constantly upgrading its smart Document Processing platform with fresh machine learning models to handle all kinds of financial documents and spot fraud. As a B2B SaaS company in the BFSI sector, their cutting-edge decision-making solutions help make real-time decisions for everything from small transactions to major financial moves.
They’ve been growing steadily and plan to use this investment to boost digital transformation for their partners.
Focused on financial inclusion, Perfios aims to provide access to financial services for billions globally.
Perfios processes 1.7 billion transactions annually and handles $36 billion in assets under management, delivering 8.2 billion data points to banks and financial institutions every year!
FAQs
What is Perfios?
Perfios is a platform that excels in extracting, categorizing, and analyzing thousands of data types in real-time. This platform is built to adapt, learn, and grow the businesses they support.
Who is the founder of Perfios?
V.R. Govindarajan and Debashish Chakraborty founded the company in 2008.
Is Perfios a Unicorn company?
Yes, Perfios is the second unicorn of 2024 with a $1 billion valuation.
Orington & Partners teams up with Meliora Advisory to seize the booming $42 billion renewables market in India by 2032. This powerful alliance aims to accelerate growth and innovation in energy and mining, driving India toward its ambitious 500 GW renewable energy target.
Orington & Partners, an Australian-headquartered international firm specializing in investment banking, management consulting, restructuring, and corporate advisory services, announces an exclusive strategic partnership with Meliora Advisory, a consulting, investment advisory, and technology commercialization firm, to expand their combined presence across global markets, with a focus on the energy and mining sector.
Meliora, headquartered in Bengaluru, India, is a consulting firm with having group of seasoned professionals with deep expertise in investment advisory, technology commercialization, and industrial sector consulting. The firm’s core leadership team comprises Raaj Kumar, who has served as CEO of GMR Energy and JSW Energy in his past roles. The team is also led by A. Subba Rao, and Rohit Laumas, bringing significant industry experience to the partnership.
In the last 12 months, the renewables sector in India witnessed mergers and acquisitions activity to the tune of $3 billion, with both strategic and financial investors being active. India’s distinct green energy journey involves major investments in the next decade, with potential in areas such as power transmission and distribution, renewables and storage, and electric transportation.
Speaking on the partnership, Kashish Grover, Managing Partner & CEO of Orington & Partners said, “Meliora’s team comprises exceptional professionals with extensive experience and deep expertise in the energy and mining sectors. As India continues to emerge as a high-growth market with a substantial demand for energy, we believe that as a team we can make a significant contribution to the industry. This partnership will help us unlock new doors to opportunities, and together, we will be stronger in making a meaningful impact on the market, driving growth, and delivering innovative solutions to meet evolving industry needs.”
Executive Chair of Orington & Partners, Wei-Khing Seow said, “We are very excited about this partnership with Meliora, as it will not only enhance our capabilities in the energy and mining sector but also strengthen the India-Australia relationship. This collaboration allows us to tap into our extensive network across geographies and explore synergies to deliver exceptional value to clients. We are extremely bullish on this opportunity and look forward to making a meaningful impact, and fostering innovation across the industry.”
Senior Partner – Energy & Mining, Mr. Raaj Kumar said, “The Meliora team is very excited about the partnership with Orington & Partners. Both teams share common core values of integrity, professionalism, and collaboration. This partnership makes the O&P-Meliora combine well-equipped to address client needs in today’s dynamic and challenging business environment. Our shared expertise and experience in consulting, investment advisory, and technology commercialization will act as a “force multiplier” to serve clients across global frontiers”
India’s renewable energy sector is on a strong growth trajectory, with installed capacity expected to rise from 135 GW in December 2023 to 170 GW by March 2025. As the country pushes towards its 500 GW target by 2030, the sector is buzzing with billions worth of mergers, acquisitions, and fundraising activities. The O&P-Meliora partnership is strategically positioned to seize these opportunities, leveraging our expertise to drive investments and innovation in this high-growth market.
Australia and India are deepening ties in the energy and mining sectors, supported by new agreements. Australia’s rich natural resources and advanced technologies align with India’s growing demand, creating immense potential for collaboration. Australian modular solar pioneer 5B has partnered with Waaree Renewable Technologies to build a giga-scale production facility in India, enhancing its global market access while supporting efforts to diversify supply chains away from China. The O&P-Meliora partnership aims to leverage such developments, positioning us to capitalize on India’s growing role in global renewable energy supply chains and drive impactful solutions in the sector.
About Orington & Partners
Orington & Partners (“O&P”) is an Australian headquartered, international firm specialising in management consulting, business development, restructuring and corporate advisory services. In India, it also provides investment banking and capital raising services. Under business development, O&P helps emerging businesses by building channel partnerships and forging strategic alliances for them to expand domestically and in the international markets. It services clients and partners across the globe including Australia, the US, India, UAE, Singapore, and the UK. For more information, please visit: orington.com
01 Booster, a renowned accelerator, venture capital firm, and venture builder with its headquarters located in Tokyo, Japan, has announced a strategic agreement with India Accelerator, the country’s top startup accelerator, multi-stage venture capital, and co-working space.
With the goal of enabling startup founders in both countries, the alliance is concentrated on creating a Japan-India Startup Corridor. The relationship between 01Booster and the India Accelerator is concentrated on a number of key projects aimed at empowering and assisting startup founders in Japan and India.
How Partnership is Going To Help Founders?
Business expansion and market access are two important areas where the collaboration seeks to assist founders in growing their companies by gaining access to new markets in both nations. Startups will have more opportunities to grow their clientele and establish a solid international presence as a result.
Another top focus is cross-border funding and co-investment. The alliance connects companies with a wider network of investors in both regions and helps them achieve necessary capital by facilitating co-investment options. The cooperation will also plan startup events and trade missions to promote cross-cultural interaction and collaboration. Startups will be able to present their innovations, network with business executives, and identify possible partners at these events.
Additionally, the cooperation places a strong emphasis on innovation and technology exchange, promoting the transfer of cutting-edge technologies and fresh concepts between India and Japan. New cooperative projects and improvements in both ecosystems will result from this interchange. Initiatives for talent exchange and skill development will include skill workshops, startup internships, and talent programs, giving professionals and entrepreneurs the chance to hone their abilities, travel abroad, and further their careers.
Both Countries Benefiting From the Newly Formed Alliance
Given India’s fast-growing startup ecosystem and Japan’s increasing emphasis on technology, this partnership has enormous potential for both nations’ startup communities. Through cross-border assistance and group expansion, the establishment of this startup corridor will allow entrepreneurs to prosper.
Executive Director Takeuru Kawashima of 01 Booster stated that the company is a firm believer in the potential of international innovation and that India offers a stimulating environment for joint expansion. Through this collaboration with India Accelerator, 01 Booster is able to collaborate closely with a thriving startup community, utilising both countries’ advantages to help entrepreneurs succeed internationally.
This agreement with 01 Booster marks a new age of cooperation between India and Japan, said Deepak Sharma, co-founder and managing partner at India Accelerator. Together, the two companies will open doors for startups to enter new markets, secure strategic capital, and stimulate international innovation.
Nitin Konde
