PhiCommerce raises $10M in Series A1 round led by Singapore VC firm BEENEXT

PhiCommerce plans to use the funds for international expansion and to bolster its product portfolio.

PhiCommerce raises $10M in Series A1 round led by Singapore VC firm BEENEXT

Tuesday November 28, 2023,

2 min Read

Omnichannel payment solutions provider PhiCommercehas raised $10 million in a Series A1 round led by Singapore-based venture capital firm BEENEXT, with participation from Opus Ventures.

The Pune-based company plans to use the funds for international expansion and to bolster its product portfolio.

“We plan to utilise these funds over the next phase of our growth to roll out multiple new products that will continue to reduce friction in digital payments and will bring in increased efficiencies to the ecosystem at large," said Jose Thattil, CEO and Co-founder, PhiCommerce.

"On the back of our success in the Indian market, we also will be expanding our services to other geographies.” Jose added.

Established in 2015, PhiCommerce caters to businesses across online, in-store, and mobile channels. Its flagship platform, PayPhi, is an API-first solution that integrates with existing systems, enabling merchants and businesses to collect, process, and distribute payments.

Thattil is a seasoned player in the industry with over 20 years of experience in retail payments. Prior to founding Phi Commerce, he held senior positions at MasterCard, ElectraCard Services, and ICICI Bank.

“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," said Hero Choudhary, Managing Partner at BEENEXT.

BEENEXT is a Singapore-based VC firm investing in early-stage technology startups from India, Southeast Asia, Japan, and the United States. It has a portfolio of over 40 companies, including 9 unicorns.


Edited by Swetha Kannan