Phi Commerce raises $6 million part of Series B round
With this, the total funding raised by the Pune-based payment aggregator company is about $20 million.
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Payment aggregator Phi Commerce has raised Rs 51.34 crore ($6 million) in its ongoing Series B round from existing investor BEENEXT Ventures as part of its continuing Series B financing round.
This funding brings the total Series B funding to $11 million, building on the $5 million the company raised from DG Strategic Investment earlier in April this year, Entrackr reported.
Phi Commerce's board approved the issuance of 83,907 Series B compulsory convertible preference shares priced at Rs 6,120 each to complete this funding round. This estimates the company's post-funding valuation at approximately $161 million.
With this, the total funding raised by the Pune-based company is about $20 million. During FY24, the company posted an operating revenue of Rs 81.7 crore, up from Rs 35.7 crore in FY23. And, the net loss stood at Rs 29 crore during FY24.