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

Entrackr · 1m

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.