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Payment solutions provider PhiCommerce bags $10mn in funding 

PhiCommerce, a SaaS-based omnichannel payment solutions provider, has raised $10 million in a new funding round. Beenext, a venture capital firm based in Singapore focusing on investments in India and Southeast Asia, led the funding round. 

Opus Ventures also joined in the investment. The funds will support PhiCommerce’s international expansion and the development of new solutions to enhance its presence in the payments ecosystem, according to a statement from the company.

The Pune-based company operates as an application programming interface (API)-based platform. It caters to banks, processors, and businesses of various sizes, enabling them to process payments seamlessly across online touchpoints, mobile platforms, in-store, and at the doorstep.

“We plan to utilise these funds over the next phase of our growth to roll out multiple new products. We also will be expanding our services to other geographies,” said Jose Thattil, CEO and co-founder, PhiCommerce. 

Thattil, Tushar Ashok Shankar, Anil Sohanlal Sharma, and Rajesh Hanumantrao Londhe founded PhiCommerce in 2015.

“PhiCommerce has successfully solved complex payment requirements and demonstrated its prowess to process digital payments at scale in the 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 at Beenext.

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