PhiCommerce Raises $10 Million in Series A1 Funding Round
- ByStartupStory | November 28, 2023
PhiCommerce, a Pune-based omnichannel payment solutions provider, has secured $10 million in a Series A1 funding round led by Singapore’s BEENEXT, with Opus Ventures also participating. The company, founded in 2015, intends to utilize the funds for international expansion and enhancing its product portfolio. CEO and Co-founder Jose Thattil stated, “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.”
Thattil, a seasoned professional with over two decades of experience in retail payments, highlighted the success of PhiCommerce’s flagship platform, PayPhi. The API-first solution seamlessly integrates with existing systems, empowering merchants to collect, process, and distribute payments across online, in-store, and mobile channels. As part of its growth strategy, PhiCommerce aims to extend its services beyond the Indian market.
“PhiCommerce has, through its omnichannel payment stack, successfully solved for complex payment requirements and demonstrated its prowess to process digital payments at scale in the Indian market,” noted Hero Choudhary, Managing Partner at BEENEXT. BEENEXT, a Singapore-based venture capital firm, focuses on early-stage technology startups and boasts a portfolio of over 40 companies, including nine unicorns.
With the backing of BEENEXT and Opus Ventures, PhiCommerce is poised to navigate the global landscape, providing innovative solutions to businesses seeking seamless and efficient digital payment experiences.
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