Phi Commerce Taps Veteran Leaders to Accelerate Enterprise Growth

MUMBAI, India – June 26, 2026 – In a decisive move signaling a major push into the enterprise segment, digital payments firm Phi Commerce has appointed two seasoned industry veterans to its leadership team. The appointments of Sachin Koneri as Business Head for technology solutions and Vishal Maru as Senior Vice President for product strategy and growth are designed to accelerate the company’s expansion and solidify its position in India’s hyper-competitive fintech market.

This strategic talent acquisition comes as Phi Commerce aims to capitalize on its recent momentum. The Pune-based firm, which secured an in-principle Payment Aggregator (PA) license from the Reserve Bank of India in January 2025, has demonstrated impressive financial performance. It recorded a 28% surge in operating revenue to Rs 103.9 crore in FY25 while significantly narrowing its net losses. Bolstered by an estimated valuation of $161 million following its 2025 Series B funding, the company is now clearly investing in the human capital required to scale its operations and challenge market leaders.

A Strategic Play for Enterprise Dominance

The appointments are a direct reflection of a critical trend in the Indian market: the growing demand from large enterprises for integrated, omnichannel payment solutions that go beyond simple transaction processing. As businesses advance their digital transformation initiatives, they require sophisticated partners who can manage complexity across online, in-store, and mobile channels. Phi Commerce is positioning its PayPhi platform to be that partner, and these hires are the architects chosen to build out that vision.

Sachin Koneri, tasked with leading the technology solutions business, will focus on expanding merchant acquiring, issuing solutions, and strategic partnerships. His role is pivotal in building the infrastructure and relationships necessary to serve large-scale enterprise clients. Vishal Maru will spearhead the product vision and go-to-market strategy, ensuring that Phi Commerce’s offerings are not only innovative but also precisely aligned with the evolving needs of digital commerce.

This focus on the enterprise segment allows the company to carve out a high-value niche. While competitors like Razorpay and PayU command significant market share, particularly in the SME space, Phi Commerce appears to be targeting a different battleground—one where bespoke solutions, robust security, and deep integration capabilities are the primary drivers of success, not just transaction volume.

The Power of Proven Leadership

To execute this enterprise-focused strategy, Phi Commerce has brought in leaders with decades of proven experience. Both Koneri and Maru bring over twenty years of expertise from the front lines of India's financial and technology sectors, providing the company with a deep well of institutional knowledge and industry connections.

Sachin Koneri’s career is a map of India's banking and payments evolution, with leadership stints at SBI Payment Services, YES Bank, and HDFC Bank. His extensive background in merchant acquiring and building high-performing sales organizations is precisely what Phi Commerce needs to scale its enterprise and financial institution partnerships. His experience is expected to be instrumental in navigating the complex regulatory and competitive landscape of merchant services.

Vishal Maru joins from an Executive Vice President role at Worldline India, a global payments leader. His deep expertise in product management, SaaS platforms, and driving growth in merchant services for the Indian and Southeast Asian markets is a significant asset. Having built and scaled payment products and driven go-to-market strategies in highly regulated environments, Maru is well-equipped to steer Phi Commerce’s innovation roadmap. His background suggests a focus on developing sophisticated, scalable, and resilient products like the company's AI-powered fraud management system, Phi-ter, which differentiate it from the competition.

Beyond Transactions: Enabling Digital Transformation

Phi Commerce's strategic direction, underscored by these appointments, aligns with the broader narrative of digital transformation sweeping across Indian industries. Enterprises are no longer just adopting digital payments; they are re-architecting their entire business models around digital-first principles. This shift requires technology partners that can provide holistic solutions encompassing payments, fraud management, data analytics, and customer experience.

The company’s emphasis on an omnichannel platform and value-added services positions it as an enabler of this transformation. As Rajesh Londhe, Co-founder of Phi Commerce, noted, the industry is seeing a convergence of payments, commerce, and technology services that is creating new opportunities.

"The convergence of payments, commerce, merchant acquiring, and value-added technology services is creating new opportunities for innovation," Londhe stated. "Sachin's experience in building merchant ecosystems and driving Issuance business expansion, combined with Vishal's expertise in product strategy and innovation, will further strengthen our ability to deliver differentiated solutions to enterprises and financial institutions."

This perspective highlights that the game is no longer just about moving money. It is about providing the intelligent infrastructure that helps businesses grow, manage risk, and improve efficiency in a digital economy. With India’s digital payment market projected to grow at a CAGR of over 22% through 2034, the opportunity for firms that can deliver this integrated value proposition is immense.