The Pune-based company, which currently processes 100 million monthly transactions and has a presence in Tier I to Tier III cities, will utilise the funds to bolster its product offering, expand in existing markets and enter new geographies, as per a statement.
According to Jose Thattil, chief executive officer and co-founder of Phi Commerce, the trajectory of payments in both Indian and global markets is towards making it “invisible.”
“The need to eliminate friction in payments with 100% reliability is universal requirement across advanced as well as emerging economies and we are confident we will soon be replicating this success in global markets,” said Thattil.
The company provides an API-based payments platform for payment schemes, banks, processors and large, medium and small businesses to process payments through online touch points, mobile, in-store, or doorstep.
“India is probably the most complex payment market in the world with all sorts of payment form factors. The Phi Commerce team has built a remarkable product covering end-to-end omni-channel payments at scale,” said Hero Choudhary, partner at Beenext.