Fintech Startup POP Raises USD 30 Mn from Razorpay
The funds will be deployed to enhance product innovation, strengthen POP's loyalty-focused offering via its POPcoins rewards currency, and deepen partnerships with D2C and lifestyle merchants.
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Bengaluru-based fintech startup POP has announced the raising of USD 30 million in funding from Razorpay, a full-stack financial services platform, marking a strategic move to revolutionise the country's digital payment and commerce landscape.
The funds will be deployed to enhance product innovation, strengthen POP's loyalty-focused offering via its POPcoins rewards currency, and deepen partnerships with D2C and lifestyle merchants.
Founded in 2023 by former Flipkart executive Bhargav Errangi, POP is a rewards-first consumer platform that merges UPI payments, a D2C-focused marketplace, and a co-branded RuPay credit card into one seamless ecosystem. At the heart of its offering is POPcoins, a brand-funded rewards currency that users earn through UPI payments, in-app shopping, or by using POP's RuPay credit card, and redeem across a growing network of partner merchants.
Since launching its UPI platform in June 2024, POP claims to have quickly scaled to over six lakh daily UPI transactions, one million monthly active transactors, and over two lakh monthly commerce shipments. It has also issued 40,000+ co-branded RuPay credit cards in partnership with Yes Bank.
"India doesn't need another cashback-only rewards app. We need a new rewards economy built on long-term purpose. POPcoins are designed to build habits, increase retention, and reduce CAC for merchants—all while making payments more rewarding," said Bhargav Errangi, Founder of POP. "With Razorpay's support, we will double down on our mission to build a loyalty-first payments ecosystem that helps businesses scale with purpose and speed."
The investment signals Razorpay's deeper push into loyalty, engagement, and commerce enablement. "In today's crowded D2C space, brands need more than just payment solutions. POP bridges the gap with a powerful platform that turns everyday transactions into lasting relationships," said Harshil Mathur, Co-founder and CEO of Razorpay.
The deal complements Razorpay's acquisition of PoshVine and aligns with its vision to empower merchants through Razorpay Engage, India's first intelligent marketing growth suite.
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