Perfios Software Solutions Private Limited, the Bangalore based Personal Finance Software Solutions provider has announced their Series ‘A’ round of funding. Perfios has raised funds just under US$ 2 Million from four individual investors with impeccable credentials in the corporate and entrepreneurship space. V.Chandrasekaran and Ashish Gupta also had provided angel funding for the company earlier and their participation in this round validates their belief and confidence in the Perfios story. Perfios offers a web based application that enables retail users to analyze and understand their Personal Finance in a simple, easy and secure way. It must be noted that in India most people still use only spreadsheets to manage all information related to personal finances. There are already a large number of registered users of the Perfios solution. Perfios is a hosted solution that is available over the web on www.perfios.com.
Announcing the Funding, V. R Govindarajan, Director, Perfios, said, “A lot of investors have found the Perfios proposition appealing and this includes VC and PE investors who could not be part of this round of funding. We are grateful to all of them. The interest shown by eminent individuals and institutions reaffirm our belief that there is a felt need for a Software Solution to help manage personal finances and as the first movers in the space in India we are ideally placed to fill this vacuum. The investors that we have currently on board bring with them top of the league expertise in managing enterprises and particularly in the entrepreneurship arena; their acumen in spotting consumer opportunities will be invaluable to Perfios as we look to scale up quickly”.
The investors who have bet big on Perfios include illustrious names like: P.S. Pai - A thought leader in business and marketing strategy and customer related issues, He is a former Vice Chairman of the Wipro Group and later Executive Chairman of the Murugappa Group. V. Chandrasekaran – A winner of the Golden Peacock Award for Quality in the Service Sector, Chandrasekaran was President of Wipro Systems and played a key role in the growth story of Wipro during the 1990s. .. He was also Managing Director of iGate Solutions before moving on to become the CEO of Aztecsoft Dr. Ashish Gupta – Co-founder of Technology Companies such as Junglee and Tavant, Ashish is on the Board of Companies like Naukri.com, ngpay and SMS GupShup. He is a co-founder and Managing Partner at Venture Capital Firm, Helion Venture Partners. A.G Muralikrishnan - Founder & CEO of Ujwal management Services Limited, a company focused on assisting global technology corporations setup their offshore operations in Bangalore. Prior to Ujwal, Murali had a highly successful stint as the CFO of Aztec Software.
Speaking about the investment, P.S. Pai, said, “It did not take long for me to realize that Govindarajan and team have a winner here. Perfios addresses a consumer need that every one feels but do not know what to do about it. The cost that retail customers pay for poor management of personal finance is huge and in monetary terms should register as a reasonable percentage of the GDP; what is worse, it is a cost that we end up paying without even noticing! I look forward to being associated with Perfios as it begins its journey in transforming the world of Personal Finance”.
Ashish Gupta said, “The boom in the financial sector, both products and services, has meant that individuals today have more options than ever to choose from. Investment avenues have multiplied, innovative financing options keep coming up and most importantly there is simply more thought going into money matters. Perfios, without being ‘another’ service provider in the personal finance arena is almost in virgin territory when it comes to the service that they offer. I am excited about the opportunity that Perfios has, to address a requirement of practically every retail customer”.
Perfios will use the funds to expand operations and to go aggressive on customer acquisition. Perfios is targeting to increase the customer base to about a million users in about 3 years. The increase in the number of tax payers in the country (over 3.5 crore last year) and the rising internet penetration will be key drivers in growth. The Indian character of the solution is another differentiating feature that will help add numbers; the solution accounts for the various reporting standards adopted by Indian Financial Institutions and Asset Management Companies. It is also constantly updated with the latest regulatory requirements including Tax Laws. Also, unlike other solutions introduced in the market, Perfios provides users with multiple ways to get data to the system with minimal effort – one can even forward/upload any statement to populate their accounts, thus truly providing a 360 degree view with very little manual intervention
The founding team at Perfios comes with the experience of long, successful stints at organizations leveraging the best-of-the-breed technologies to build intuitive, secure software applications for the Banking and Financial Services (BFS) sector. They have served as C-level executives in several multinational organizations and have been instrumental in setting up and managing global delivery teams. The members have also successfully transformed several start-up software companies into large, profit-making enterprises. Govindarajan, Director, Perfios Software Solutions Pvt. Limited was one of the founding members of Aztecsoft, a pioneer in Outsourced Product Development space and later taken over by Mindtree Consulting.