PhiCommerce Raises $10 Mn In a Funding Round Led By BEENEXT Opus Ventures also participated in the Series A1 round

By Entrepreneur Staff

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Omnichannel payment solutions provider PhiCommerce has raised $10 million (INR 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. The funding will be used towards PhiCommerce's expansion into international geographies and the development of innovative solutions to further enhance the payments ecosystem.

PhiCommerce is a new-age payment solutions company that provides an end-to-end, unified, omnichannel digital payments platform to businesses, banks and networks. This, according to the startup, helps address complex digital payment needs by delivering a simplified, secure, scalable, robust and frictionless payment experience to all stakeholders.

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, says the company.

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."

"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," said Hero Choudhary, managing partner, BEENEXT.

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