Pune-based omnichannel payments solutions provider Phi Commerce is set to raise Rs 38.54 crore (approximately $4 million) in an ongoing Series B funding round from existing investors. The latest fundraise comes nearly a year after the fintech raised $11 million across two rounds from existing backers BEENEXT Ventures and DG Strategic Investment.
According to regulatory filings accessed by Entrackr, the company’s board has approved the issuance of 57,065 Series B Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 6,754.81 per share. The filing does not disclose the names of the investors participating in the latest round.
Based on Entrackr’s estimates, the fresh funding is expected to value Phi Commerce at around Rs 1,505 crore, marking an increase from its previous valuation of approximately Rs 1,361 crore ($161 million).
Phi Commerce’s Payments Platform
Phi Commerce operates a unified omnichannel payments platform designed for businesses, banks and payment networks. Its flagship platform, PayPhi, enables digital transactions across multiple channels, including online, in-store, on-the-go and doorstep payments.
The company has raised around $20 million to date, with BEENEXT Ventures previously holding the largest stake at 25.75%, followed by Opus Softech Solution with a 24.12% stake. Its co-founders—Jose Thattil, Anil Sharma, Tushar Shankar and Rajesh Londhe—collectively held a 33.7% stake prior to the latest fundraise.
Phi Commerce had previously raised $11 million in its Series B round across two tranches in 2025. Earlier reports also noted that the company was raising capital from existing investors as it expanded its payment aggregation and omnichannel payments business.
Revenue Grows 28% in FY25
The latest fundraise comes as Phi Commerce continues to scale its operations and improve its financial performance. The company is yet to file its FY26 financial results.
In FY25, Phi Commerce’s operating revenue increased 28% to Rs 103.9 crore, compared with Rs 81.3 crore in FY24. At the same time, its net loss narrowed 45% to Rs 16.16 crore, from Rs 29.24 crore a year earlier.
The company’s FY25 performance was supported by growth in commissions from GMV settlements, which accounted for the majority of its operating revenue. Its payment processing costs remained a significant expense, while improved revenue growth and cost management helped reduce losses.
With the latest Series B infusion, Phi Commerce is expected to further strengthen its payments infrastructure and expand its presence across India’s digital payments ecosystem. The new funding also takes the company’s valuation higher as it continues to scale its omnichannel payment technology for enterprises and financial institutions.
By: Sanya Sharma
