Phi Commerce board approves Rs 38.54 Cr round at Rs 1,505 Cr

Phi Commerce is set to raise Rs 38.54 Cr, about $4 Mn, at a valuation of Rs 1,505 Cr. Entrackr reported the development on 20 August 2026, citing a regulatory filing.

Read the stage carefully. The board has approved the round and that approval is documented in the filing. The filing describes it as an ongoing Series B. That is not a closed round. Terms can still move and the money is not confirmed as received.

The Rs 1,505 Cr valuation is up from Rs 1,361 Cr in the previous round. Headlines round it to Rs 1,500 Cr, so expect both figures in circulation. Existing investors are participating and their names were not disclosed in the filing.

On the cap table, BEENEXT Ventures holds 25.75% and Opus Softech Solution holds 24.12%. Cofounders Jose Thattil, Anil Sharma, Tushar Shankar and Rajesh Londhe hold 33.7% between them.

Phi Commerce runs PayPhi, an omnichannel payments platform covering online, in-store, on-the-go and doorstep channels. FY25 operating revenue was Rs 103.9 Cr, up 28%. Losses narrowed 45% to Rs 16.16 Cr.

The channel most brands under-build

Online checkout gets all the attention. Doorstep and on-the-go capture gets almost none. That is the exact moment a cash on delivery order can convert to a digital payment, at the door, with the rider standing there.

Check what share of your COD orders currently collect digitally at delivery. Most brands cannot answer that question from memory. Ask your 3PL or courier partner for the split, then ask what payment capture the rider app actually supports. If the answer is cash only, you are paying COD handling fees and carrying RTO risk on orders that would have paid by UPI at the door.