Phi Commerce

Overview

Founded in 2015 and headquartered in Pune, India, Phi Commerce is a fintech company specializing in digital payment solutions. It was established by industry veterans Jose Thattil, Anil Sohanlal Sharma, Tushar Ashok Shankar, and Rajesh Hanumantrao Londhe. The company's flagship product, PayPhi, provides a seamless omnichannel payment platform servicing both B2B and B2C clients globally. As of 2025, Phi Commerce has successfully raised a total of $20 million in various funding rounds, with major investments from BEENEXT and Opus Ventures.

Recent Developments

July 2025: Phi Commerce secured an additional INR 51.34 crore (approximately $6 million) in a Series B funding round from BEENEXT Ventures, bringing their total funding in this round to $11 million. The Pune-based company operates with a valuation of approximately Rs 1,361 crore ($161 million) post-investment.
2024: Phi Commerce received certification from NPCI to offer UPI Switch, enhancing its ability to handle high transaction volumes and providing enterprise clients with faster onboarding processes. The move aligns with India's push for a cashless economy.
November 2024: The fintech firm was recognized with the "Best in Class Payment Startup" award in the Established Fintech Category at the Assocham Annual Fintech Excellence Awards.
March 2024: Phi Commerce reported a 2.3x increase in its operating revenue to Rs 81.7 crore for FY24, but also saw its losses triple to Rs 29 crore, attributed to expansion efforts and increased operational expenses.

Attribute	Information
Founding Date	2015
Headquarters	Pune, Maharashtra, India
Founders	Jose Thattil, Anil Sohanlal Sharma, Tushar Ashok Shankar, Rajesh Hanumantrao Londhe
Revenue	Rs 81.7 crore (FY24)
Profits	Loss of Rs 29 crore (FY24)
Key Investors	BEENEXT Ventures, Opus Ventures
Industry	FinTech
Number of Employees	Approximately 225 as of 2025

Early History

Phi Commerce was founded in response to the evolving digital payments landscape in India. Initially focusing on solving cash-on-delivery (COD) challenges, the company launched PayPhi to facilitate digital transactions at the doorstep. This service was instrumental in transitioning many Indian consumers from cash to digital payment methods, particularly in Tier II and III cities. Through strategic partnerships and a commitment to innovation, Phi Commerce quickly expanded its services, catering to both large enterprises and SMEs.

Company Profile and Achievements

Phi Commerce is a significant player in the payments industry, providing a unified platform for digital transactions across various channels including online, in-store, and remote. The flagship product, PayPhi, encompasses a wide array of payment solutions like UPI, card transactions, and mobile payments, effectively simplifying payment processes for enterprises.

Milestones:
- Secured multiple funding rounds, including a significant Series A round of $10 million led by BEENEXT and Opus Ventures.
- Launched innovative features such as the UPI Switch, enabling robust transaction handling for enterprise clients.
- Awarded "Best in Class Payment Startup" by Assocham in 2024.
Technological Advancements:
- Integrated advanced features like real-time analytics, AI-driven insights for fraud detection, and cloud-native deployments.
- Developed tokenization services, becoming the first certified provider for RuPay card tokenization with NPCI. Phi Commerce's strategic focus on eliminating payment friction across sectors has solidified its reputation as a pioneer in the digital payment arena.

Current Operations and Market Position

As of 2025, Phi Commerce operates primarily in India and Singapore, with plans for further global expansion. It holds a competitive edge through its comprehensive payment platform and API-first development approach, which supports rapid integration across enterprise environments. The company continues to enhance its offerings with features that cater to large organizations like real-time settlement and smart routing. In the Indian fintech market, Phi Commerce competes with established players like Razorpay and Pine Labs, leveraging its innovative payment solutions and strategic alliances.

Phi Commerce Founder

Phi Commerce's founding team brings over 150 years of combined experience in the payments industry, with backgrounds in major financial institutions and technology companies. Their leadership has been pivotal in driving the company's growth and innovative spirit.

PayPhi Reviews

PayPhi, Phi Commerce's flagship product, has received positive feedback for its robust architecture and ease of use across various payment modes. Critics have noted its seamless integration capabilities and efficient transaction processing. However, like any young company, areas for improvement include enhancing customer support and addressing operational costs.

PayPhi Payment Gateway

The PayPhi payment gateway is celebrated for its flexibility and comprehensive features, offering solutions like real-time tracking, instant payments, and secure, scalable transaction processing. Its ability to integrate seamlessly with existing systems makes it a preferred choice for businesses aiming to simplify their payment operations.

Conclusion

Phi Commerce stands out as an innovator in India's dynamic fintech landscape. With its unified payment platform, the company addresses the complex demands of modern enterprises, supporting both B2B and B2C transactions. As digital payment adoption continues to soar, Phi Commerce is well-positioned to expand its influence both domestically and internationally. Future strategies likely include further implementation of AI and blockchain technologies, which will underpin its growth trajectory and strengthen its market position.