PhiCommerce, a leading omnichannel payment solutions provider, has successfully raised $10 million in its Series A1 funding round, with BEENEXT spearheading the investment alongside participation from Opus Ventures. This is a significant milestone following BEENEXT’s leadership in a $4 million Series A round for the Pune-based startup in January 2021.
The newly acquired funds are earmarked for PhiCommerce’s strategic expansion into international markets and the development of cutting-edge solutions aimed at further enriching the global payments ecosystem, as outlined in the company’s recent press release.
PhiCommerce is a forward-thinking payment solutions company offering a comprehensive, end-to-end omnichannel digital payments platform catering to businesses, banks, and networks. The company’s mission is to simplify digital payment complexities by delivering a secure, scalable, and frictionless payment experience for all customers.
At the core of PhiCommerce’s offerings is its flagship product, PayPhi. PayPhi is a versatile solution that enables businesses to seamlessly adopt digital payments across various channels, including online, in-store, on-the-move, and doorstep transactions. With value-added plug-ins tailored for different industry segments, PayPhi is designed to meet the diverse needs of businesses navigating the digital payment landscape.
An essential player in the digital payment ecosystem, PhiCommerce is a key platform partner of the National Payments Corporation of India (NPCI). This strategic alliance positions the company at the forefront of India’s rapidly evolving digital payment landscape.
The funding round was led by BEENEXT, a Singapore-based venture capital firm specializing in early-stage investments in technology startups. BEENEXT’s investment philosophy centres on supporting ventures that build new digital platforms driven by robust data networks. The firm boasts an impressive portfolio that includes successful companies such as Simplilearn, NoBroker, Tata 1mg, Zomato, PhonePe, CRED, Policybazaar, Paytm, Nykaa, and Lenskart, among others.
PhiCommerce’s successful Series A1 funding round signifies a significant financial boost for the company and a testament to the market’s confidence in its vision and capabilities. The infusion of capital will play a pivotal role in propelling PhiCommerce towards global prominence, reinforcing its commitment to delivering innovative solutions and reshaping the future of digital payments on a global scale.
