VC Fund Investments
Fintech co. Phi Commerce to raise $5-M through rights issue
Pune-based omnichannel payment solutions provider Phi Commerce is set to raise INR 42.74 crore (about USD 5 million) through a rights issue from its existing investors, including Beenext and Opus Technologies.Phi Commerce will issue 69,840 Series B compulsorily convertible shares at INR 6,120 each. The company plans to use the fresh capital for general corporate purposes. The firm’s valuation has reportedly risen over 2X to INR 1,310 crore (USD 154 million), compared to INR 592 crore in its previous Series A1 round.Phi Commerce offers a unified omnichannel payments platform for businesses, banks, and networks. Its flagship product, PayPhi, claims to simplify complex digital transactions across online, in-store, on-the-go, and doorstep channels.
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