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Phi Commerce offers an omnichannel payment platform unifying online and offline transactions. Its core product suite provides comprehensive processing, aggregation, smart transaction routing, and tokenization. This API-first platform integrates across merchant, acquirer, issuer, and payment network ecosystems, delivering secure, efficient digital payment infrastructure.
The company was founded in 2015 by Jose Thattil, Anil Sharma, Rajesh Londhe, and Tushar Shankar. These experienced founders recognized fragmentation and complexity within digital payments. Their vision was to build a unified platform simplifying payment acceptance and management for enterprises and financial institutions across all channels.
Phi Commerce serves diverse clients, including large enterprises, educational institutions, and financial services. The company aims to optimize payment operations and foster innovation in digital payments. Its vision is to be a key enabler of resilient, future-ready global payment infrastructures, adapting to evolving technologies and consumer behaviors.
Phi Commerce has raised $25.0M across 3 funding rounds.
Phi Commerce has raised $25.0M in total across 3 funding rounds.
Phi Commerce has raised $25.0M across 3 funding rounds. Most recently, it raised $11.0M Series B in March 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 1, 2025 | $11M Series B | — | Beenext, Zareer Shroff | Announced |
| Nov 1, 2023 | $10M Series A | — | Beenext, Zareer Shroff | Announced |
| Jan 1, 2021 | $4M Series A | — | Beenext, Zareer Shroff | Announced |
Phi Commerce is a fintech company founded in 2015 that builds an omnichannel digital payments platform called Pay phi, enabling seamless and secure payments across online, in-store, mobile, and remote channels for both B2B and B2C needs.[1][2][5] It serves enterprises, payment providers, banks, processors, and aggregators by solving complex payment orchestration, fraud prevention, and scalability challenges in diverse markets like India, with offices in Pune, Mumbai, and Singapore.[1][2][3] Licensed as a Reserve Bank of India (RBI) Payment Aggregator and Payment Gateway (PAPG), the company has raised over $15M in funding, including a $10M Series A-II round about a year ago and a Series B valuing it at over $150M in 2025, backed by investors like BEENEXT, Opus Ventures, and DG Strategic Investment Inc.; it employs 239 people and powers high-volume transactions with tools like UPI acquiring, tokenization, and smart routing.[1][2][4]
Growth momentum is strong, highlighted by awards such as "Best in Class Payment Startup in the Established Fintech Category" at the 2024 Assocham Annual Fintech Excellence Awards and Visa Everywhere Initiative wins in 2019-2020, plus recent launches like the AI-powered fraud detection system Phi-ter in October 2025.[2][3]
Phi Commerce was founded in 2015 in Pune, India, by a team of digital payments specialists and technology pioneers with over 150 years of cumulative experience across 20 countries, who united to build a robust omnichannel payments ecosystem amid India's complex payment landscape.[2][4] Key figures include Co-founder and Business Head – Payments Rajesh Londhe, who has highlighted innovations like Phi-ter; the team previously led payment advancements globally, spotting the need for unified solutions handling diverse form factors like UPI, cards, and wallets.[2][3]
Early traction came from winning the Visa Everywhere Initiative (VEI) India in 2019 and globally in 2020, validating their scalable tech; this propelled evolution from core payment processing to a full suite including lending, with pivotal funding from BEENEXT and others fueling expansion into Singapore and global markets.[1][2]
Phi Commerce rides the explosive growth of digital payments in India—where nearly one-third of 2024 online transactions were debt-based—and global UPI-like real-time systems, addressing fragmentation with omnichannel unification amid rising e-commerce, BNPL, and cross-border needs.[4][5] Timing aligns with RBI's PAPG licensing push post-2023 guidelines, enabling licensed players like Phi to capture market share from unregulated aggregators, while AI fraud tools counter surging threats in high-volume markets.[1][3]
It influences the ecosystem by empowering merchants (20,000+ analyzed), acquirers, networks, and issuers with efficient infrastructure, fostering digital adoption in B2B (e.g., ERP reconciliation) and reducing reliance on legacy systems; expansion into Southeast Asia, Japan, and the Middle East positions it to export India's payments innovation globally.[2][3][5]
Phi Commerce is poised to dominate as a full-stack payments leader, with Phi-ter accelerating enterprise adoption and global expansion capitalizing on UPI's international momentum and AI-driven fraud battles. Trends like rising debt payments, recurring mandates (e.g., e-Mandate), and omnichannel commerce will fuel growth, potentially pushing valuation beyond $150M through Southeast Asia/Middle East entries and deeper B2B penetration.[3][4][5] Its influence may evolve from India-centric innovator to global enabler, solidifying its role in seamless, secure digital economies—much like its founding vision of powering an omnichannel world.[2]
Phi Commerce has raised $25.0M in total across 3 funding rounds.
Phi Commerce's investors include BEENEXT, Zareer Shroff.
