Startup Originals Team
Pune-based fintech firm Phi Commerce has reinforced its ongoing Series B funding, securing ₹51.34 crore (~$6 million) from EXISTING investor BEENEXT Ventures. This latest infusion brings the total raise in this round to $11 million, showcasing robust confidence from its backers and a promising growth trajectory.
A Boost to the Series B Round:
Phi Commerce closed the top‑up round in mid‑July by issuing 83,907 compulsory convertible preference shares at ₹6,120 each-raising ₹51.34 crore. This is in addition to the $5 million raised earlier in April from DG Strategic Investment, bringing the Series B total to $11 million.
Strong Valuation Signal:
Post allotment, Phi Commerce’s valuation has soared to an estimated ₹1,361 crore (~$161 million), marking a steep rise that validates market trust in its omnichannel payment platform.
What Phi Commerce Offers:
Specializing in a unified payment infrastructure, Phi Commerce’s flagship product, PayPhi, enables seamless transactions across online, in-store, on-the-go, and doorstep channels. It caters to merchants, banks, and extensive network ecosystems with features such as recurring payments, AutoPay, instant refunds, and UPI switch – backed by NPCI certification.
Financial Performance Snapshot:
Though FY25 figures are still pending, FY24 results reflect strong momentum:
- Operating revenue surged 2.3×-to ₹81.7 crore from ₹35.7 crore in FY23
- Net loss clocked at ₹29 crore during the same period
These numbers emphasize Phi Commerce’s ambitious scale-up phase, optimised around growth even at the cost of current profitability.
Cap Table & Stakeholders:
Phi Commerce has raised a total of $20 million to date. Post Series B:
- BEENEXT Ventures remains the largest external investor with a 25.75% stake
- Opus Software follows closely at 24.12%
- The four co‑founders-Jose Thattil, Anil Sharma, Tushar Shankar, Rajesh Londhe-collectively hold 33.7%
Road Ahead:
With stronger capital support, Phi Commerce is poised to:
- Deepen product innovation on its PayPhi platform
- Expand enterprise adoption of its UPI Switch and value‑added payment features
- Accelerate growth by balancing scale and cost management
