PhiCommerce, an omnichannel payment solutions provider based in Pune, India, has successfully raised $10 million in a Series A1 funding round. This round was led by Singapore-based venture capital firm BEENEXT, with additional participation from Opus Ventures. This funding follows an earlier $4 million Series A round led by BEENEXT in January 2021.
The company plans to utilize these funds to expand its international presence and enhance its product portfolio. PhiCommerce CEO and Co-founder, Jose Thattil, emphasized the intent to roll out new products aimed at reducing friction in digital payments and improving efficiencies within the payment ecosystem. The company’s success in the Indian market has paved the way for its expansion into other geographies.
PhiCommerce was established in 2015 and serves businesses through online, in-store, and mobile channels. Its main product, PayPhi, is an API-first solution that integrates with existing systems, enabling merchants and businesses to manage payment collection, processing, and distribution. Thattil, with over 20 years of experience in retail payments, held senior positions at MasterCard, ElectraCard Services, and ICICI Bank before founding PhiCommerce.
BEENEXT, the lead investor in this funding round, is a venture capital firm focusing on early-stage technology startups. They invest in companies from India, Southeast Asia, Japan, and the United States and have a portfolio featuring over 40 companies, including 9 unicorns. BEENEXT’s Managing Partner, Hero Choudhary, recognized PhiCommerce’s achievements in solving complex payment requirements and scaling digital payments in the Indian market.
The investment in PhiCommerce signifies confidence in the company’s potential for growth and innovation in the digital payments sector, especially in the context of an increasingly digital global economy. This funding round not only reinforces PhiCommerce’s position in the market but also highlights the interest of global investors in Indian startups, particularly in the fintech sector.