Perfios, a B2B SaaS fintech firm, has acquired Bengaluru-based healthcare information exchange IHX as part of its strategic move to enter the health insurance claims space and enhance its technology offerings.
This marks the company’s third acquisition in just three months, underscoring its ongoing efforts to strengthen its presence across the banking, financial services, and insurance (BFSI) industry.
Though the financial details of the deal were not revealed, CEO Sabyasachi Goswami referred to the acquisition as a significant milestone in Perfios’ long-term healthcare strategy.
With backing from Warburg Pincus and Kedaara Capital, Perfios aims to combine its data intelligence and analytics strengths with IHX’s platform to accelerate claims processing, boost operational transparency, and enable real-time decision-making for hospitals, insurers, and patients. The company also plans to leverage IHX’s network of 30,000 hospitals and 30 insurers. According to the CEO, internal trials suggest that Perfios’ proprietary AI models have the potential to drastically cut down claim processing time.
“What traditionally took a couple of hours will come down to under ten minutes — and in some cases, even four minutes — once the models are fully deployed,” he said. “The goal is near real-time processing, where hospitals, insurers, and patients can all access updates simultaneously.”
As healthcare demand grows and claim volumes rise, Goswami said faster claim settlement would become critical for the ecosystem. “Ultimately, the objective is to make healthcare access frictionless, even for the last person standing in the most remote parts of India.”
Founded in 2020, IHX offers a comprehensive suite of services, including claims management, in-patient and out-patient handling, marketing and inventory tools, and revenue cycle management for hospitals. The company claims it processes over 40% of India’s cashless health insurance claims—handling more than 10 million transactions annually, with a total claims value of $1 billion.
Its platform connects 30,000 hospitals in over 1,200 locations with more than 30 insurers, including notable names like Reliance Hospital, DY Patil Hospital, MGM Healthcare, and Jaslok Hospital.
According to Tracxn, IHX has raised around $2.58 million from investors such as LogX Venture Partners and Quik Solutions, and was valued at over $45 million in 2023. For the fiscal year ending March 31, 2024, the company reported revenue of ₹14.8 crore. Managing Director Mahesh Nagaraj stated that the partnership with Perfios will help scale IHX’s network and leverage Perfios’ technology and resources for accelerated growth.
Perfios CEO Sabyasachi Goswami confirmed that IHX will continue to operate independently, retaining its brand and leadership—consistent with how previous acquisitions have been managed.
Perfios’ acquisition of IHX comes on the heels of two earlier 2025 deals—Clari5, a banking fraud detection platform, and CreditNirvana, which focuses on AI-powered debt collections and recovery.
Previously, in 2022, Perfios had acquired Karza Technologies, a SaaS-based RegTech company, along with FintechLabs Technologies, a digital lending software provider based in Noida. In 2023, the company acqui-hired Fego.ai, a Chennai-based startup specializing in behavioral financial insights.
With the addition of IHX, Perfios has now completed five strategic acquisitions and one acqui-hire since 2022, as part of its effort to expand its reach across the BFSI and fintech ecosystem.
Goswami emphasized that although BFSI remains the company’s primary focus, Perfios has always identified as a “TechFin” rather than a traditional fintech company.
“Our DNA has always been tech-first. We design solutions to be industry-agnostic and geography-agnostic,” he said. “While BFSI is our focus, our tech stack is flexible enough to support adjacent sectors like healthcare.”
Perfios currently operates in 18 countries and is continuing to grow its international presence. According to Goswami, international revenues are contributing a high double-digit share—potentially approaching 20%—though the company does not have a fixed target for geographic revenue split.
“Our priority is to build strong market presence and dominance wherever we operate,” he said.
The company continues to post strong financial results, with revenue rising 37% year-on-year to ₹558 crore in FY24, up from ₹407 crore in FY23. Net profit jumped significantly to ₹72 crore in FY24, a 9.2x increase.
Founded in 2008, Perfios has seen rapid growth in recent years, reaching a $1 billion valuation in 2024 after an $80 million investment from Teachers’ Venture Growth. This brought its total funding to $435.1 million, including a previous $229 million round led by Kedaara Capital.
Looking ahead, Goswami said the company is focused on launching new product lines and is making major investments in AI-driven solutions, fraud detection systems, and consent management tools to address the rising demand for data privacy and regulatory compliance.
“This is the time to invest in product innovation, just like we did during the pandemic, which positioned us strongly afterward,” he said.
