Phi Commerce, an omnichannel payment solutions provider, plans to raise Rs 42.74 crore (approximately $5 million) through a rights issue from its existing investors, which are likely to include BEENEXT and Opus Technologies.
The board of Phi Commerce has passed a special resolution to issue 69,840 Series B compulsory convertible shares at an issue price of Rs 6,120 each, raising Rs 42.74 crore ($ 5 million).
According to the filings, Phi Commerce intends to use the new capital for general corporate purposes. Entrackr estimates that the company's valuation increased by more than two times to Rs 1,310 crore, or $154 million, up from Rs 592 crore in its previous Series A1 round.
Phi Commerce is a digital payment solutions provider that offers a unified omnichannel payments platform to businesses, banks, and networks. PayPhi, the company's flagship product, simplifies complex digital transactions across multiple channels, including online, in-store, mobile, and doorstep.
Phi Commerce has raised $14 million so far, including a $10 million Series A1 round led by BEENEXT and Opus Technologies in November 2023. According to the startup data intelligence platform TheKredible, Opus Technologies was the largest external shareholder prior to this round, with a 25.91% stake, followed by BEENEXT, which owns 23.61% of the company.
While Phi Commerce has yet to file its financial statements for FY25, the Pune-based company's operating revenue increased 2.3X to Rs 81.7 crore in FY24 from Rs 35.7 crore in FY23. The Beenext-backed company lost Rs 29 crore during the same time period.
Phi Commerce competes with major players in the payments space, including Razorpay, which reported Rs 2,500 crore in revenue in FY24, and Pine Labs, which reported Rs 1,384 crore in the same period, as well as Cashfree and several other emerging fintechs.
