Phi Commerce Raises INR 51 Cr From BEENEXT

Payment solutions provider Phi Commerce has secured INR 51.34 Cr ($5.9 Mn) as a part of its ongoing Series B funding round from existing investor BEENEXT.

As per Phi Commerce’s MCA filings accessed by Inc42, the startup allotted 83,907 Series B compulsorily convertible preference shares at a premium of INR 6,109.7, aggregating to INR 51,34,84,770, to Bee Accelerate Fund 2 Pte Ltd, earlier this month.

Entrackr reported the development first.

Phi Commerce has declined to comment on the same.

Prior to the current investment, the company raised INR 42.73 Cr in the same round from DG Strategic Investment, in April this year, where it allotted 69,840 shares then.

Collectively, Phi Commerce has raised INR 94.07 Cr in Series B funding round.

Founded in 2015 by Tushar Shankar, Jose Thattil, Anil Sohanlal Sharma and Rajesh Hanumantrao Londhe, Phi Commerce offers an end-to-end, unified and omnichannel digital payments platform to businesses, banks and networks.

Initially, launched as a platform to solve cash-on-delivery issues, Phi Commerce pivoted to addressing issues of lenders in the market with a new platform in October last year.

CollectiPhi-360 enables lenders to manage automated, doorstep, offline, partial and bulk collections, ensuring streamlined and efficient processes across multiple payment channels.

In November 2024, the startup raised $10 Mn (INR 83 Cr) in a Series A1 funding round led by its BEENEXT, along with participation from Opus Ventures.

The development comes at a time when the payment segment in the fintech sector has been gaining momentum, with multiple payments companies obtaining licences from the central bank to operate as online payment aggregators (PA).

With this, the company joins the likes of PayU India, BharatPe subsidiary Resilient Payments, Getepay and PayGlocal, among others that have secured approvals for a PA licence since the start of this year.

In simple terms, a fintech platform with a PA licence will enable in onboarding merchants and deploying digital payments solutions. 

Also, it is observed that the Indian fintech market is expected to become a $2.1 Tn opportunity by 2030. On that beaming market opportunity, fintech remains one of the most preferred sectors of investments for investors. In the first half of 2025, fintech startups raised $1.6 Bn across 68 deals as against $1.1 Bn raised via 84 deals in the same period last year. 

In the past week alone, fintech players such as Infinity Fincorp, Varthana, InPrime Finserv and Belong raised capital.