Perfos Acquires IHX: A Strategic Move in the Indian Health Insurance Landscape
Bengaluru-based SaaS B2B fintech company Perfos has made headlines with its strategic acquisition of IHX, a prominent platform for healthcare exchange information. This move marks a significant step in Perfos’s mission to strengthen its technological capabilities within the healthcare sector.
The acquisition is set to revolutionize health insurance complaints by leveraging IHX’s robust ecosystem along with Perfos’s data intelligence expertise. This synergy promises to enhance the efficiency of claims management and improve patient and provider experiences.
IHX: A Leader in Health Insurance Complaints
Currently, IHX manages over 40% of all health insurance complaints in India, processing more than 10 million transactions annually, valued at approximately $1 billion. Its platform connects 30,000 hospitals across 1,200 locations to over 30 insurers, including notable names such as Reliance Hospital, Dy Patil Hospital, MGM Healthcare, and Jaslok Hospital.
As a crucial link between healthcare providers and insurers, IHX offers real-time digital integration, catering to a health insurance market worth $14 billion in India and a broader $600 billion healthcare market.
Leadership Insights on the Acquisition
Commenting on this acquisition, Sabyasachi Goswami, CEO of Perfos, stated, “Acquiring IHX is a strategic leap toward transforming the healthcare claims landscape. IHX has been instrumental in safeguarding the healthcare ecosystem in India, and we are thrilled to welcome the IHX team into our fold.”
He continued, “By combining IHX’s significant role in the healthcare ecosystem with Perfos’s expertise in data intelligence and analytics, we are poised to drive higher efficiency, minimize claims resolution times, and elevate the experience for both patients and healthcare providers.”
Growth Opportunities Ahead
Mahesh Nagaraj, Managing Director of IHX, expressed eagerness for the next phase of growth, remarking, “Joining forces with Perfos marks an exciting new chapter for IHX. The integration of advanced Perfos technology, data-driven decision-making, and collaboration with hospitals enhances our service offering and solidifies our commitment to innovation, transparency, and excellence in claims management.”
A Broader Expansion Strategy
This acquisition is the third made by Perfos within the last three months, following its purchase of Clari5, a banking fraud detection platform, and Creditra, an AI-driven debt collection platform. In previous years, Perfos has bolstered its portfolio by acquiring Karza Technologies, Fintechlabs Technologies, and the behavioral startup Fego.ai.
Founded in 2020 by Mayank Tiwari, Ajay Bakshi, Sanjay Kalra, Ambuj Kashyap, and Mahesh Nagaraj, IHX will continue to operate independently under its brand, ensuring continuity in leadership and service.
Financial Growth and Future Prospects
Operating across 18 countries, Perfos reported a remarkable 37% revenue increase to ₹558 crores in the fiscal year 2024, compared to ₹407 crores in the previous fiscal year. This growth underscores Perfos’s strategy to expand its global footprint and enhance its offerings in the fintech and healthcare sectors.