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Indian fintech SaaS firm Perfios is planning for an IPO in the next 18-24 months, said Perfios CEO Sabyasachi Goswami, at the 14th edition of TechSparks 2023, held in Delhi. 

Acknowledging the challenges caused by macroeconomic conditions, Goswami highlighted the company’s commitment to fortify its tech platform on all fronts.

“We are getting ready for it (IPO). 18-24 months is what we are looking for. We can’t control macroeconomics. We have a robust tech platform and are strengthening at all sides,” he said.

Goswami emphasised the need to construct a robust risk framework in anticipation of a potential public listing.

“These are a few of the critical things that one should have before even planning to list. Once that’s done, I think it’s a reasonable timeframe for us to look at public markets,” he explained.

Perfios recently raised $229 million in a Series D funding round from private equity investor Kedaara Capital through a combination of a primary fundraise and a secondary sale. This funding marks one of the largest investments in an Indian B2B SaaS company this year.

Speaking of fundraising, Goswami said, “We raised our first round after nine years. Do not be in a rush to raise money because it puts a lot of unnecessary pressure and can hamper your creativity in building the product you’re out there for.

“There’s a difference between investing and splurging, and, as long as we can distinguish and draw that line, which will give some return—that’s the proper use of money.”

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Perfios creates 62 millionaires with ESOP buyback worth Rs 154 Cr

The firm has implemented an ESOP (employee stock ownership plan) buyback of equity shares worth Rs 154 crore from its 135 employees, resulting in 62 individuals becoming millionaires. According to Perfios, 80 of the beneficiaries of the buyback are women employees.

Founded in 2008, Perfios caters to several sectors such as banking, financial services, and insurance, in 18 countries, and empowers over 1,000 financial institutions.