Payment aggregator firm Phi Commerce is reportedly raising Rs 42.74 crore (approximately $5 million) at over $154 million valuation.

The company is raising funds through a rights issue from its existing investors, likely including BEENEXT and Opus Technologies. The board at Phi Commerce has passed a special resolution to issue 69,840 Series B compulsory convertible shares at an issue price of Rs 6,120 each to raise Rs 42.74 crore or $5 million, reported Entrackr.

The Pune-based company is expected to use the funds for general corporate purposes. 

Phi Commerce has raised $14 million to date, including a $10 million Series A1 round led by BEENEXT and Opus Technologies in November 2023. Currently, Opus Technologies holds 25.91% stake and BEENEXT owns 23.61% stake in the company. 

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.