Phi Commerce plans ₹38.5 crore Series B at ~₹1,505 crore valuation

Pune-based omnichannel payments platform Phi Commerce is raising fresh capital through a Series B issuance. Its PayPhi platform supports online and in-store payments; FY25 operating revenue rose 28% to ₹103.9 crore while losses narrowed 45%.

— Source published Thu, 20 Aug, 2026, 13:53 IST · First seen Thu, 20 Aug, 2026, 13:55 IST · Source Entrackr · Newsletter

What happened

Pune-based omnichannel payments platform Phi Commerce is raising Rs 38.54 crore in a Series B round, implying a valuation near Rs 1,505 crore. Its PayPhi

Key facts

  • Rs 38.54 crore (approximately $4 million) fresh funding
  • 57,065 Series B CCPS
  • Rs 6,754.81 issue price per share
  • Approximately Rs 1,505 crore valuation
  • Previous valuation: Rs 1,361 crore ($161 million)
  • Approximately $20 million raised to date
  • FY25 operating revenue: Rs 103.9 crore, up 28% from Rs 81.3 crore in FY24
  • FY25 loss: Rs 16.16 crore, down 45% from Rs 29.24 crore in FY24

Why this matters

Phi Commerce’s fresh funding could strengthen its PayPhi omnichannel stack and make it a more consequential partnership, competitive, or strategic-target consideration in India’s payments ecosystem.

What to watch

  • Final Series B close, actual amount raised, investor mix and any revision to the reported valuation.
  • FY26 revenue growth versus the FY25 28% pace, especially revenue per enterprise merchant and payment-volume growth.
  • Whether loss reduction continues after fundraising-driven hiring, product investment and merchant acquisition spending.
  • New enterprise merchant wins, especially chains using both online checkout and in-store acceptance.
  • Partnerships with acquiring banks, POS vendors, ERP providers or commerce platforms.
  • Regulatory and compliance developments affecting payment aggregators, data security, tokenization and settlement operations.
  • Evidence of improved unit economics: onboarding time, churn, transaction success rates, reconciliation costs and gross margins.
  • Close the Series B issuance and disclose final investor participation, pricing and use of proceeds.
  • Expand enterprise sales in retail, hospitality, quick-service restaurants and multi-location merchant segments needing unified online and in-store payment acceptance.
  • Invest in payment orchestration, smart routing, reconciliation, tokenization and recurring-payment capabilities to increase merchant switching costs.
  • Pursue bank, acquirer, POS, ERP and commerce-platform partnerships to reduce distribution costs and shorten merchant onboarding.
  • Use improved financial performance to position for larger follow-on funding, while maintaining discipline on losses and deployment expenses.

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