Payment solutions provider Phi Commerce has secured ₹51.34 crore ($5.9 million) in its ongoing Series B funding round, with participation from existing backer BEENEXT.
According to filings with the Ministry of Corporate Affairs (MCA), the fintech startup allotted 83,907 Series B compulsorily convertible preference shares earlier this month at a premium of ₹6,109.7 per share. The shares were allotted to Bee Accelerate Fund 2 Pte Ltd.
The development was first reported by Entrackr. When approached, Phi Commerce declined to comment on the investment.
This follows a ₹42.73 crore infusion from DG Strategic Investment in April this year, bringing the total capital raised in the Series B round to ₹94.07 crore so far.
Founded in 2015 by Tushar Shankar, Jose Thattil, Anil Sohanlal Sharma, and Rajesh Hanumantrao Londhe, Phi Commerce offers a unified, omnichannel digital payments platform catering to banks, businesses, and networks. Initially focused on resolving cash-on-delivery payment challenges, the company has since shifted towards empowering lenders.
In October 2024, Phi Commerce launched CollectiPhi-360, a platform designed for automated, offline, doorstep, partial, and bulk collections. The solution streamlines payment processes across multiple channels, targeting lender pain points in collections.
In November 2024, the startup raised $10 million (₹83 crore) in a Series A1 funding round led by BEENEXT and Opus Ventures.
The investment comes amid heightened activity in India’s fintech payment space. Several players—including PayU India, Resilient Payments (BharatPe), Getepay, and PayGlocal—have received Payment Aggregator (PA) licences this year, enabling them to onboard merchants and deploy digital payment solutions.
India’s fintech sector continues to attract investor interest, buoyed by projections that place its market value at $2.1 trillion by 2030. In the first half of 2025 alone, fintech startups raised $1.6 billion across 68 deals, up from $1.1 billion across 84 deals during the same period last year.
Phi Commerce now joins a growing list of well-funded fintech players fueling India’s digital payments transformation.
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