Exclusive: Phi Commerce tops up Series B with fresh funding

Omnichannel payment solutions provider Phi Commerce raised Rs 51.34 crore ($6 million) in its ongoing Series B round from existing investor BEENEXT Ventures.

With this, the investment raised by the company in the Series B totaled $11 million, including the $5 million secured in April of this year from DG Strategic Investment, exclusively reported by Entrackr.

According to its filing sourced from the Registrar of Companies (RoC), Phi Commerce’s board allotted 83,907 Series B compulsory convertible preference shares at an issue price of Rs 6,120 apiece to raise the aforementioned amount.

According to Entrackr’s estimates, the company’s valuation stands at Rs 1,361 crore or $161 million post-allotment.

Phi Commerce offers a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, streamlines complex digital transactions across online, in-store, on-the-go, and doorstep channels.

The Pune-based company has raised $20 million to date, according to data intelligence platform TheKredible. Following the latest allotment, BEENEXT holds the largest stake at 25.75%, followed by Opus Software with 24.12%. Meanwhile, co-founders Jose Thattil, Anil Sharma, Tushar Shankar, and Rajesh Londhe collectively retain a 33.7% stake in the company.

Last year, Phi Commerce secured NPCI certification to offer UPI Switch for its enterprise clients. The solution enables seamless onboarding and supports key features like AutoPay, recurring payments, instant refunds, and credit card linkages.

While Phi Commerce has yet to file its FY25 financials, the fintech firm saw its operating revenue jump 2.3X to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The company posted a loss of Rs 29 crore during the same period.