Phi Commerce reports Rs 100 Cr revenue in FY25, cuts losses by 45%

Phi Commerce, a SaaS-based omnichannel payment solutions provider, recorded a 28% year-on-year growth in FY25, with its revenue crossing Rs 100 crore threshold. Significantly, the company also reduced its losses by 45% during the last fiscal year, following a two-fold jump in FY24.

According to its consolidated financial statements filed with the Registrar of Companies, Phi Commerce’s operating revenue increased to Rs 103.9 crore in FY25 from Rs 81.3 crore in FY24.

Phi Commerce is a digital payments company offering omnichannel solutions across both acquiring and issuance. Its technology enables payment providers and enterprises to deliver seamless, flexible payments across online, in-store, and on-the-go channels. As an RBI-licensed Payment Aggregator, it provides a unified payments and lending suite serving B2B and B2C customers globally.

For the fintech firm, commissions from GMV settlements with merchants contributed over 87% of its operating revenue, amounting to Rs 90.82 crore in FY25 and growing more than 25% compared to FY24. The remaining revenue came from technology infrastructure services and value-added payment aggregation offerings, which brought in Rs 7.36 crore and Rs 5.73 crore, respectively, in the last fiscal year.

The firm earned Rs 3.9 crore in interest from fixed deposits and non-current investments, pushing its total revenue to Rs 107.8 crore.

Phi Commerce’s total expenses rose 14% to Rs 133 crore in FY25 compared to Rs 117 crore in FY24. Processing charges for payments remained its largest cost component, accounting for over 57% of total expenses and holding steady at Rs 76.37 crore. Employee benefit expenses, another major cost driver, increased 18% year-on-year to Rs 32.7 crore.

Additional costs, including legal and platform support fees, share-based compensation to consultants, and other overheads, added another Rs 23.9 crore. 

As a result, Phi Commerce’s revenue growth and tighter cost control helped the company narrow its losses by 45% to Rs 16.16 crore in FY25 compared to Rs 29.24 crore in FY24. The improvement was driven largely by a more than 25% increase in commissions from GMV settlements, while payment processing charges remained flat.

On a unit level, the company spent Rs 1.28 to earn a rupee in FY25.

By the end of FY25, Phi Commerce’s EBITDA margin and ROCE stood at -24.9% and -43.74%, respectively. Its total current assets stood at Rs 70.9 crore, including Rs 26.3 crore in cash and bank balances as of March 2025.

According to data intelligence platform TheKredible, Pune-based Phi Commerce has raised a total of $25 million to date, including $11 million in its Series B round raised across two tranches led by BEENEXT.