PhiCommerce raises $10 million in funding round led by BEENEXT

Fintech firm PhiCommerce on Tuesday said it has raised USD 10 million, about Rs 83 crore, in a funding round led by Singapore-based venture capital firm BEENEXT.

Opus Ventures also participated in the funding round.

"PhiCommerce has raised USD 10 million as part of its Series A1, led by BEENEXT, a Singapore-based Venture capital firm," the company said in a statement.

It plans to use the funds towards PhiCommerce's expansion into international geographies and development of innovative solutions to further enhance the payments ecosystem.

"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. On the back of our success in the Indian market, we also will be expanding our services to other geographies," PhiCommerce CEO and Co-Founder Jose Thattil said.

The company had earlier raised USD 20 million.

Thattil expects the company to grow 3 times in 2023-24 compared to last year and will continue to grow 2.5-3 times on a year-over-year basis for the next couple of years.

"We expect growth to come from international business. Our intent is to achieve breakeven by March 2025," Thattil said.

PhiCommerce founders had earlier formed fintech firm ElectraCard Services which was acquired by Mastercard in 2014.

PhiCommerce provides an end-to-end, unified, omnichannel digital payments platform to businesses, banks and networks including Aadhaar-based payments.

The company is a key platform partner of the National Payments Corporation of India (NPCI).

"We at NPCI collaborate with PhiCommerce on global payment system development projects and hereby extend our best wishes," NPCI MD & CEO, Dilip Asbe said.

BEENEXT Managing Partner Hero Choudhary said PhiCommerce has through its omnichannel payment stack, successfully resolved complex payment issues and demonstrated its prowess to process digital payments at scale in the Indian market.