Phi Commerce kicks off Series B at over $150 Mn valuation

Entrackr · 1d

Omnichannel payment solutions provider Phi Commerce is set to raise Rs 42.74 crore (approximately $5 million) through a rights issue from its existing investors, likely including BEENEXT and Opus Technologies. The board at Phi Commerce has passed a special resolution to issue 69,840 Series B compulsory convertible shares at an issue price of Rs 6,120 each to raise Rs 42.74 crore or $5 million. According to the filings, Phi Commerce plans to utilize the fresh capital for general corporate purposes. Entrackr estimates that the company’s valuation rose over 2X to Rs 1,310 crore or $154 million, compared to Rs 592 crore in its previous Series A1 round. Phi Commerce is a digital payment solutions provider offering a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, simplifies complex digital transactions across online, in-store, on-the-go, and doorstep channels. Phi Commerce has raised $14 million to date, including a $10 million Series A1 round led by BEENEXT and Opus Technologies in November 2023. As per the startup data intelligence platform TheKredible, prior to this round, Opus Technologies was the largest external shareholder holding a 25.91% stake, followed by BEENEXT, which commands 23.61% capital in the company. While Phi Commerce has yet to file its financial statements for FY25, the Pune-based company recorded a 2.3X surge in operating revenue to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The Beenext-backed firm recorded a loss of Rs 29 crore during the same period. In the payments space, Phi Commerce competes with major players such as Razorpay, which reported a revenue of Rs 2,500 crore in FY24, and Pine Labs, which posted Rs 1,384 crore in the same period, along with Cashfree and several other emerging fintechs.