PhiCommerce Bags $10 Mn To Boost Its Payment Solution Offerings

Payment solutions provider PhiCommerce has raised $10 Mn (INR 83 Cr) in a Series A1 funding round led by its existing investor BEENEXT, with participation from Opus Ventures.

The new round takes PhiCommerce’s total fundraising till date to $15 Mn.

The Pune-based startup will use the fresh capital to expand its global footprint and build innovative solutions to further scale up its payments ecosystem.

“We plan to utilise these funds over the next phase of our growth to roll out multiple new products that will continue to reduce friction in digital payments and will bring in increased efficiencies to the ecosystem at large. On the back of our success in the Indian market, we will also be expanding our services to other geographies,” said Jose Thattil, co-founder and chief executive of PhiCommerce.

Founded in 2015, PhiCommerce provides an end-to-end, unified, omnichannel digital payments platform to businesses, banks and networks.

The platform’s PayPhi is a one-stop solution that enables businesses to embrace digital payments across online, in-store, on-the-move and doorstep channels with value-added plug-ins for various industry segments.

In 2021, PhiCommerce raised $4 Mn led by BEENEXT in its Series A funding exercise.

In FY22, the startup clocked an operating revenue of INR 27.54 Cr, more than a 5X rise from INR 4.28 Cr in the previous financial year, according to company filings.

India’s digital payment industry is estimated to become a $10 Tn opportunity by 2026, according to a joint report by the Boston Consulting Group (BCG) and PhonePe.

As per RBI’s 2022-23 annual report, from prepaid instruments and credit/debit cards to NEFT/IMPS/RTGS, UPI, QR code, PoS and Aadhaar-based payments – more than 15 digital payment systems are now active in India.

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