Phi Commerce Achieves 28% Growth in FY25

Phi Commerce, a leading SaaS-based omnichannel payment solutions provider, has reported a 28% increase in year-on-year growth for FY25, with revenue surpassing the Rs 100 crore mark. Notably, the company also managed to cut its losses by 45% over the previous fiscal year, following an impressive two-fold growth in FY24.

Financial Highlights of Phi Commerce

According to the consolidated financial statements submitted to the Registrar of Companies, Phi Commerce’s operating revenue rose to Rs 103.9 crore in FY25, compared to Rs 81.3 crore in FY24. The firm specializes in offering digital payment solutions that encompass both acquiring and issuance, enabling providers and enterprises to facilitate seamless and adaptable payment options across various platforms, including online, in-store, and mobile.

Revenue Sources

As a recognised RBI-licensed Payment Aggregator, Phi Commerce delivers a comprehensive payments and lending suite, catering to both B2B and B2C customers on a global scale. For the fintech entity, commissions from GMV settlements with merchants represented over 87% of its operating revenue, totalling Rs 90.82 crore for FY25—a growth of more than 25% when compared to FY24. The additional revenue streams derived from technology infrastructure services and value-added payment aggregation services contributed Rs 7.36 crore and Rs 5.73 crore, respectively, in the last fiscal year.

Interest Earnings

The company generated Rs 3.9 crore in interest from fixed deposits and long-term investments, bringing its total revenue to Rs 107.8 crore.

Expense Overview

Phi Commerce’s total expenses climbed by 14% to Rs 133 crore in FY25, up from Rs 117 crore in FY24. The primary cost factor for the company was processing charges for payments, which constituted over 57% of total expenses, remaining stable at Rs 76.37 crore. Employee benefit expenses also rose significantly, increasing by 18% year-on-year to reach Rs 32.7 crore.

Additional Costs

Other costs, including legal and platform support fees, share-based compensation for consultants, and various overheads contributed an extra Rs 23.9 crore. Consequently, Phi Commerce’s successful revenue growth and strategic cost management enabled the firm to narrow its losses by 45%, reducing them to Rs 16.16 crore in FY25 from Rs 29.24 crore in FY24. This improvement was largely attributed to a substantial increase of over 25% in commissions from GMV settlements, while payment processing charges remained constant.

Unit Economics

On a unit basis, the company spent Rs 1.28 to earn a single rupee in FY25. By the end of FY25, Phi Commerce reported EBITDA margins and ROCE at -24.9% and -43.74%, respectively. Its total current assets were valued at Rs 70.9 crore, which included Rs 26.3 crore in cash and bank balances as of March 2025.

Funding and Investment

As reported by various data intelligence platforms, Pune-based Phi Commerce has successfully raised a cumulative total of $25 million to date, including $11 million in its Series B funding round, which was executed across two tranches led by BEENEXT.