POP, a consumer payment platform, has secured USD 30 million in funding from Razorpay. This majority investment highlights a shared commitment to addressing two key issues in digital commerce: high customer acquisition costs for merchants and insufficient user rewards.
POP operates a rewards-first UPI payments app that combines payments, commerce, and credit. Previously, the startup raised capital from India Quotient, Unilever Ventures, Incubate Fund, and Nuventures.
The new funding will be used to drive product innovation, enhance consumer value through POPcoins, and strengthen partnerships with D2C and lifestyle merchants.
Since its UPI platform launch in June 2024, POP has achieved over 600,000 daily UPI transactions, one million unique monthly active transactors, 200,000 monthly commerce shipments, and has issued over 40,000 RuPay credit cards in partnership with Yes Bank.
“India doesn’t need another cashback-only rewards app. What we need is a new rewards economy built on a long-term purpose. POPcoins are designed to build habits, increase retention, and reduce CAC for merchants—all while making payments more rewarding for the end user. With Razorpay’s support, we will double down on our mission to bring a loyalty-first payments ecosystem that will help businesses scale with purpose, speed, and impact,” said Bhargav Errangi, Founder of POP.
Harshil Mathur, Co-founder and CEO of Razorpay, added, “Our investment in POP is driven by a clear purpose and that is to serve D2C merchants better. In today’s crowded D2C space, brands need more than just payment solutions; they need tools to earn trust, drive repeat purchases, and build real loyalty. POP bridges that gap by combining instant rewards, seamless payments, and brand discovery in one platform.”
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