PhiCommerce raises $10 million in Series A1 funding led by Singapore-based BEENEXT

Pune-based omnichannel payments solutions provider PhiCommerce today said it has raised $10 million (approx. Rs 83 crore ) as part of its Series A1 funding round led by BEENEXT, a Singapore-based venture capital firm. The round also saw participation from Opus Ventures.

Focusing on international expansion

With this round of funding, the startup plans to boost its focus towards expansion into international geographies and develop innovative solutions to enhance the payments ecosystem further.

Jose Thattil, CEO and Co-Founder, PhiCommerce said; “We plan to utilize these funds over the next phase of our growth to rollout 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 also will be expanding our services to other geographies.”

What does PhiCommerce do?

Founded in 2015, PhiCommerce is a payment solutions startup that provides an end-to-end, unified, omnichannel digital payments platform to businesses, banks and networks. This helps address complex digital payment needs by delivering a simplified, secure, scalable, robust and frictionless payment experience to all stakeholders, the startup said in a statement.

The startup has built an omnichannel and instrument-agnostic digital payments processing platform, PayPhi, that enables businesses to embrace digital payments across online, in-store, on-the-move and doorstep channels with unique value-added plug-ins for various industry segments.

What do investors say about PhiCommerce?

Hero Choudhary, Managing Partner at BEENEXT, said that “PhiCommerce has, through its omnichannel payment stack, successfully solved for complex payment requirements and demonstrated its prowess to process digital payments at scale in Indian market. They are now actively expanding their footprint into international markets, aiming to replicate their success on a global scale.”

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