Powered by

Home Insight

[Funding alert] PhiCommerce Raises $10 Mn in Series A1 Funding led by BEENEXT

PhiCommerce, India’s leading omnichannel payment solutions provider, has raised USD 10 million (Rs 83 Cr) as part of its Series A1, led by BEENEXT, a Singapore-based Venture capital firm. Opus Ventures also participated in this round of funding.

By Team VS
New Update

PhiCommerce, India’s leading omnichannel payment solutions provider, has raised USD 10 million (Rs 83 Cr) as part of its Series A1, led by BEENEXT, a Singapore-based Venture capital firm. Opus Ventures also participated in this round of funding.

Read also - [Funding alert] UC Inclusive Credit Raises $8 Mn in Equity From Insitor Partners

The funding will be used towards PhiCommerce’s expansion into international geographies and development of innovative solutions to further enhance the payments ecosystem.

Read also - [Funding alert] Olympic Champion Neeraj Chopra Invests Undisclosed Amount in OTT platform Stage

PhiCommerce is an award-winning new-age payment solutions company 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.

Read also - [Funding alert] GrowXCD Finance Secures Rs 50 Cr in Series A Funding Round led by Lok Capital

PhiCommerce’s omnichannel and instrument-agnostic digital payments processing platform PayPhi is a one-stop solution 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.

Read also - [Funding alert] Frendy Secures $2Mn Funding From Auxano Capital and Others

Commenting on the announcement, 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.”

Read also - [Funding alert] Social Commerce Platform Woovly Raises Undisclosed Amount From Sony Innovation Fund

PhiCommerce is a key platform partner of National Payments Corporation of India (NPCI). NPCI MD & CEO, Dilip Asbe said “We at NPCI collaborate with PhiCommerce on global payment system development projects and hereby extend our best wishes.”

Read also - [Funding alert] Elivaas Raises $2.5 Mn Funding in Seed Round led by Peak XV Partners’ Surge

Commenting on the investment announcement 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.”

Read also - [Funding alert] EMotorad Secures Rs 164 Cr in Funding Round led by Panthera Growth Partners

About PhiCommerce

Established in 2015, Pune based PhiCommerce enables businesses to embrace digital payments ecosystem using integrated and agile innovations, enabling smooth and flexible payments across all consumer touchpoints – browser, mobile, in-store and remote. PhiCommerce offers a unified omni-channel payment platform catering to the comprehensive payment requirements of businesses, spanning both online and offline channels.