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Exclusive: Phi Commerce tops up Series B with fresh funding

EntrackrEntrackr · 4m ago
Exclusive: Phi Commerce tops up Series B with fresh funding
Medial

Exclusive: Phi Commerce tops up Series B with fresh funding Omnichannel payment solutions provider Phi Commerce raised Rs 51.34 crore ($6 million) in its ongoing Series B round from existing investor BEENEXT Ventures. With this, the investment raised by the company in the Series B totaled $11 million, including the $5 million secured in April of this year from DG Strategic Investment, exclusively reported by Entrackr. According to its filing sourced from the Registrar of Companies (RoC), Phi Commerce’s board allotted 83,907 Series B compulsory convertible preference shares at an issue price of Rs 6,120 apiece to raise the aforementioned amount. According to Entrackr’s estimates, the company’s valuation stands at Rs 1,361 crore or $161 million post-allotment. Phi Commerce offers a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, streamlines complex digital transactions across online, in-store, on-the-go, and doorstep channels. The Pune-based company has raised $20 million to date, according to data intelligence platform TheKredible. Following the latest allotment, BEENEXT holds the largest stake at 25.75%, followed by Opus Software with 24.12%. Meanwhile, co-founders Jose Thattil, Anil Sharma, Tushar Shankar, and Rajesh Londhe collectively retain a 33.7% stake in the company. Last year, Phi Commerce secured NPCI certification to offer UPI Switch for its enterprise clients. The solution enables seamless onboarding and supports key features like AutoPay, recurring payments, instant refunds, and credit card linkages. While Phi Commerce has yet to file its FY25 financials, the fintech firm saw its operating revenue jump 2.3X to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The company posted a loss of Rs 29 crore during the same period.

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

EntrackrEntrackr · 7m ago
Phi Commerce kicks off Series B at over $150 Mn valuation
Medial

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.

Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X

EntrackrEntrackr · 9m ago
Phi Commerce posts Rs 81 Cr revenue in FY24; losses soar 3X
Medial

Phi Commerce, a SaaS-based omnichannel payment solutions provider, recorded over two-fold year-on-year growth in its operating scale for the fiscal year ending March 2024. However, its losses surged 3X during the same period due to its growth expansion efforts. PhiCommerce’s operating revenue grew to Rs 81.2 crore in FY24 from Rs 34.7 crore in FY23, as per its annual consolidated financial statements filed with the Registrar of Companies (RoC). 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. For Phi Commerce, commissions on GMV settlements with merchants accounted for 90% of its operating revenue, totaling Rs 72.3 crore in FY24. The remaining revenue came from technology infrastructure and value-added services for payment aggregation. The firm earned Rs 3.4 crore in interest from fixed deposits and non-current investments, bringing its total revenue to Rs 84.5 crore. Phi Commerce's total expenses surged 137% to Rs 116.6 crore in FY24 from Rs 49.2 crore in FY23, driven by increased operational costs. Processing charges for payments remained the largest cost component, accounting for 60% of total expenses, rising 2.6X to Rs 70.5 crore in FY24. Employee benefit expenses also saw a 109% YoY increase, reaching Rs 27.8 crore. Additional costs, including legal and platform support fees, share-based compensation to consultants, and other overheads, further pushed total expenses up by 137%. As a result, Phi Commerce's total costs outpaced revenue growth, leading to a 207% increase in net loss, which widened to Rs 28.9 crore in FY24 from Rs 9.4 crore in FY23. On a unit level, the company spent Rs 1.44 to earn a rupee in FY24. By the end of FY24, Phi Commerce recorded a negative ROCE of -40.18% and an EBITDA margin of -35.11%. Its total current assets stood at Rs 107.7 crore, including Rs 64.6 crore in cash and bank balances as of March 2024. Phi Commerce has raised $14 million in funding to date including a $10 million Series A round led by BEENEXT and participation from Opus Ventures. According to the data intelligence platform TheKredible, Opus Ventures is the largest external stakeholder followed by Beenext.

Exclusive: Pravega and IIFL invest in GrayQuest’s Series B

EntrackrEntrackr · 1y ago
Exclusive: Pravega and IIFL invest in GrayQuest’s Series B
Medial

Education loans-focused fintech startup GrayQuest is set to raise Rs 53 crore ($6 million) in a Series B round co-led by Pravega Fund and IIFL Fintech Fund. The board of GrayQuest has passed a resolution to offer and issue 6,228 fully paid up and 1,530 partly paid up Series B preference shares at an issue price of Rs 69,062 each to raise Rs 53.57 crore. Pravega Ventures and IIFL Fintech Fund each invested Rs 21.50 crore, while the company’s founder, Rishab Sumer Mehta, also participated with shares worth Rs 10.56 crore. The shares allotted to Rishab are partly paid, meaning the remaining amount will be called upon when the board decides. GrayQuest will utilize the fresh funding to meet financial requirements and support its expansion plan, the firm’s regulatory filings disclosed. The company has also increased its ESOP pool size by adding 1,204 new options, bringing the total ESOP pool to 5,718 options, as per a separate filing. Entrackr estimates that GrayQuest’s ESOP pool is currently valued at $4.5 million. The Mumbai-based startup had raised $7 million in its Series A round back in March last year, and $1.2 million worth pre-Series A round in August 2020. According to the startup data intelligence platform TheKredible, GrayQuest has been valued at around Rs 530 crore ( $64 million) post-allotment. The Series B round appears to be ongoing, and the startup is likely to raise additional funds, which could result in a variation in its valuation. Following the fresh proceeds, Pravega Ventures will hold 10.94% of the company, while IIFL Fintech Fund will own 4.07%. Its Founder Rishab Sumer Mehta will command a handsome 38.59% stake in the company. Seven-year-old GrayQuest is an integrated fee collection platform for educational institutions, allowing parents to pay annual education fees in flexible monthly installments with zero interest. Recently, Grayquest was selected for Co-Lab initiative, which was launched by HDFC Bank in collaboration with Pravega Ventures. For the fiscal year ending in March 2023, the startup reported Rs 8.76 crore in operating revenue with Rs 26.3 crore loss. It has yet to publish FY24 results. According to data compiled by TheKredible, GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively secured approximately $500 million in funding over the past 24 months. In July, Entrackr exclusively reported that Leap is in talks to raise a new round at unicorn valuation.

Exclusive: StockGro to kick off Series B round at over $360 Mn valuation

EntrackrEntrackr · 10d ago
Exclusive: StockGro to kick off Series B round at over $360 Mn valuation
Medial

Exclusive: StockGro to kick off Series B round at over $360 Mn valuation StockGro is raising Rs 150 crore ($17 million) in its Series B round led by Mukul Agarwal with the participation of Sanshi Fund, Neo Apex Share Broking, Valiant Mauritius Partners and 12 other investors. This funding follows the company’s Rs 50 crore debt round raised in September 2025 from Trifecta Capital, which Entrackr exclusively reported at that time. The StockGro’s board approved the issue of 12,707 Series B CCPS at an issue price of Rs 78,668 each to raise Rs 100 crore and 6,356 Series B1 partly paid up shares amounting to Rs 50 crore, according to its regulatory filing with the Registrar of Companies (RoC). Ace investor Mukul Mahavir Agarwal will lead the round with Rs 104 crore, which includes Rs 50 crore in partly paid-up shares. Sanshi Fund and Neo Apex Share Broking Services are investing Rs 10 crore each, while Valiant Mauritius Partners will invest Rs 6 crore. Polycab India promoter Ajay T. Jaisinghani and Uphar Homfin Pvt Ltd will invest Rs 5 crore each, with the remaining amount to be contributed by Hem Securities, Gaurav Jain, Vijay Khetan, and other angel investors. According to Entrackr’s analysis, StockGro’s valuation will stand at Rs 3,187 crore or $362 million post-money. In addition to the fresh funding, the company also issued 3,966 ESOP options worth Rs 32 crore, taking the total ESOP pool to Rs 260 crore (around $30 million). Founded in 2020 by former venture capitalist Ajay Lakhotia, the Bengaluru-based StockGro is a fintech platform that simplifies stock market investing through SEBI-registered advisors, offering investment advisory, portfolio management, and educational resources to help users navigate the market. The Bengaluru-based startup had raised about $76 million in debt and equity to date, according to startup data intelligence platform TheKredible. Its lead investors include Bitkraft Ventures, Root Ventures, and General Catalyst. While the company is yet to file its FY25 numbers, its revenue from operations fell 34% to Rs 86.5 crore in FY24 from Rs 131 crore in FY23. During the same period, its losses surged 84% to Rs 101 crore.

Exclusive: RENEE Cosmetics to raise Rs 100 Cr at a valuation of Rs 1400 Cr

EntrackrEntrackr · 1y ago
Exclusive: RENEE Cosmetics to raise Rs 100 Cr at a valuation of Rs 1400 Cr
Medial

Beauty brand RENEE Cosmetics is all set to mop up a new round led by existing investors, sources aware of the development told Entrackr. “Evolvence and Edelweiss are in the last leg of putting Rs 100 crore in Renee. The terms of the deal have been finalized and a formal announcement is likely to be out later this month,” said one of the sources requesting anonymity as discussions are private. In December 2022, RENEE scooped up $25 million in a Series B round led by Evolvence India with participation from Edelweiss Group and existing investors Equanimity and 9Unicorns (now 100 Unicorns). It has raised a total funding of $36 million to date across three rounds. As per sources, RENEE will be valued at around Rs 1,300-1,400 crore ($155-170 million) post money. This will be around 60% premium from its last valuation when the firm raised $100 million in Series B. Founded by Aashka Goradia Goble along with Beardo co-founders Priyank Shah and Ashutosh Valani, RENEE offers a wide range of eye makeup, lip colors, skin serums, and highlighters. Apart from selling on third-party e-commerce and quick commerce platforms, the firm also has presence over 650 shop-in-shop stores across India. Queries sent to RENEE, Evolvence and Edelweiss did not elicit any response until publication of the story. As per startup data intelligence platform TheKredible, Valani and Shah control 18.54% stake each in the company while Goble 17.52% stake as of Series B round. Among the external investors, Evolvence has more than 11% holding in the company. RENEE’s total revenue grew 3.1X to Rs 100.4 crore in FY23 from Rs 32.4 crore in FY22 whereas its losses also spiked 4.4X to Rs 32.6 crore during the same period. The firm claims to touch Rs 500 crore revenue threshold by 2024. It is yet to file its audited financial report for FY24. RENEE competes with conventional beauty brands like Lakme, as well as startups such as Sugar Cosmetics and MyGlamm, among others.

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge

EntrackrEntrackr · 6m ago
Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge
Medial

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge Feminine hygiene brand Plush to raise its Series B funding round, led by angel investor Ajay Kumar Aggarwal, with participation from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors. The board at Plush has passed a special resolution to issue 4,099 Series B preference shares to raise Rs 30.56 crore or $3.6 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. Ajay Kumar Aggarwal will lead the round with an investment of Rs 6 crore, while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining amount will be collectively invested by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors. According to Entrackr’s estimates, the company’s valuation is expected to reach around Rs 281 crore (approximately $33 million) post-allotment. This marks nearly a 3X spike in its valuation, compared to its previous pre-Series B round. Following the fresh proceeds, Angel Investor Ajay Kumar Aggarwal will hold 19.64% stake in the company followed by Careerner Technologies and Blume Ventures which holds 16.37% and 13.08% respectively. Founded in 2019, the Chennai-based startup focuses on feminine care products, offering a range that includes period care, hair removal, intimate wellness, and skincare solutions. According to the company, its products are currently available in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad, with plans to expand retail presence to 2,000 stores over the next six months. Plush reported an 84% year-on-year revenue growth to Rs 28.87 crore in the fiscal year ending March 2024. During the same period, the company posted a loss of Rs 4.4 crore. The startup is projected to close FY25 with Rs 60 crore revenue.

Phi Commerce reports Rs 100 Cr revenue in FY25, cuts losses by 45%

EntrackrEntrackr · 2d ago
Phi Commerce reports Rs 100 Cr revenue in FY25, cuts losses by 45%
Medial

Phi Commerce, a SaaS-based omnichannel payments firm, grew 28% in FY25, crossing Rs 100 crore in revenue and cutting its losses by 45% after they had doubled in FY24. Phi Commerce is a digital payments company offering omnichannel solutions across both acquiring and issuance. Its technology enables payment providers and enterprises to deliver seamless, flexible payments across online, in-store, and on-the-go channels. As an RBI-licensed Payment Aggregator, it provides a unified payments and lending suite serving B2B and B2C customers globally. For the fintech firm, commissions from GMV settlements with merchants contributed over 87% of its operating revenue, amounting to Rs 90.82 crore in FY25 and growing more than 25% compared to FY24. The remaining revenue came from technology infrastructure services and value-added payment aggregation offerings, which brought in Rs 7.36 crore and Rs 5.73 crore, respectively, in the last fiscal year. The firm earned Rs 3.9 crore in interest from fixed deposits and non-current investments, pushing its total revenue to Rs 107.8 crore. Phi Commerce’s total expenses rose 14% to Rs 133 crore in FY25 compared to Rs 117 crore in FY24. Processing charges for payments remained its largest cost component, accounting for over 57% of total expenses and holding steady at Rs 76.37 crore. Employee benefit expenses, another major cost driver, increased 18% year-on-year to Rs 32.7 crore. Additional costs, including legal and platform support fees, share-based compensation to consultants, and other overheads, added another Rs 23.9 crore. As a result, Phi Commerce’s revenue growth and tighter cost control helped the company narrow its losses by 45% to Rs 16.16 crore in FY25 compared to Rs 29.24 crore in FY24. The improvement was driven largely by a more than 25% increase in commissions from GMV settlements, while payment processing charges remained flat. On a unit level, the company spent Rs 1.28 to earn a rupee in FY25. By the end of FY25, Phi Commerce’s EBITDA margin and ROCE stood at -24.9% and -43.74%, respectively. Its total current assets stood at Rs 70.9 crore, including Rs 26.3 crore in cash and bank balances as of March 2025. According to data intelligence platform TheKredible, Pune-based Phi Commerce has raised a total of $25 million to date, including $11 million in its Series B round raised across two tranches led by BEENEXT.

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