PhiCommerce, a payment solutions provider, has raised $10 million (Rs 83 crore) in Series A1 fundraising led by Singapore-based BEENEXT and attended by Opus Ventures.
The funds will be used by PhiCommerce to grow its international operations and develop payment solutions. Businesses, banks, and networks can use the company’s end-to-end payment solutions. It enables them to provide all stakeholders with a safe, scalable, and frictionless payment experience.
“We plan to utilise these funds over the next phase of our growth to rollout multiple new products,” said Jose Thattil, chief executive officer (CEO) and co-founder of PhiCommerce. “On the back of our success in the Indian market, we also will be expanding our services to other geographies.”
Thattil anticipates the company to expand three times faster in 2023-24 than it did last year, and to grow 2.5-3 times faster in the following years.
“We expect growth to come from international business. Our intent is to achieve breakeven by March 2025,” he added.
National Payments Corporation of India (NPCI) has chosen PhiCommerce as a platform partner. “We at NPCI collaborate with PhiCommerce on global payment system development projects,” said Dilip Asbe, Managing Director and CEO of NPCI.
Hero Choudhary, Managing partner at BEENEXT, said that they are now actively expanding their footprint into international markets, aiming to replicate their success on a global scale.