Bengaluru-based B2B SaaS fintech leader Perfios has acquired IHX, a healthcare information exchange platform, in a strategic move to transform India’s health insurance claims ecosystem. This marks Perfios’ third acquisition in three months, following its purchases of Clari5 (fraud detection) and CreditNirvana (AI debt collections).
IHX’s Dominance in Health Insurance Claims
IHX processes over 40% of India’s cashless health insurance claims, handling 10 million+ transactions annually worth $1 billion. Its platform connects 30,000 hospitals across 1,200+ locations with 30+ insurers, including major players like Reliance Hospital, DY Patil Hospital, and Jaslok Hospital.
Acting as a bridge between hospitals and insurers, IHX enables real-time digital claims processing, positioning itself as a critical gateway to India’s $14 billion health insurance market and the broader $600 billion healthcare sector.
Leadership Vision: Faster, Smarter Claims
Sabyasachi Goswami, CEO of Perfios, emphasized the acquisition’s role in addressing industry pain points: “By merging IHX’s ecosystem with Perfios’ data analytics, we’ll cut claim processing times, boost transparency, and enhance patient-provider experiences.” Internal tests suggest AI integration could reduce processing from hours to under 10 minutes.
Mahesh Nagaraj, MD of IHX, added: “Perfios’ tech stack and global reach will accelerate our growth, ensuring innovation and efficiency in health claims management.”
Strategic Expansion Across BFSI
The IHX buyout aligns with Perfios’ strategy to deepen its banking, financial services, and insurance (BFSI) footprint. Previous acquisitions include Karza Technologies for compliance automation and Fego.ai for behavioral financial insights.
Perfios reported a 37% revenue jump in FY24 to ₹558 crore, up from ₹407 crore in FY23, driven by global expansion across 18 countries.
What’s Next for IHX?
IHX will operate as a wholly-owned subsidiary under its existing brand and leadership, mirroring Perfios’ acquisition approach for Clari5 and CreditNirvana. The platform’s AI/ML tools for data analysis and claim management will integrate with Perfios’ tech to streamline insurer-hospital workflows.
Why This Matters
With rising healthcare costs and inefficient claim processes, Perfios-IHX collaboration aims to bring end-to-end digital trust to India’s insurance sector. Patients can expect faster settlements, while hospitals and insurers gain real-time visibility into claims.