Consumer payment platform POP has raised $30 million from Razorpay, marking the latter’s entry into the consumer UPI segment. The funds will be used to strengthen POP’s product innovation, enhance the value proposition for consumers via POPcoins-led rewards, and accelerate deeper merchant partnerships across D2C and lifestyle categories. POPcoins are the company’s core offering which are brand-funded rewards currency.

The start-up launched its UPI platform in 2024 and has crossed six lakh daily UPI transactions. It has also recorded one million unique monthly active transactors, fulfilled over two lakh monthly commerce shipments, and issued over 40,000 RuPay credit cards in its co-branded 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,” Bhargav Errangi, Founder of POP.

Harshil Mathur, Co-founder and CEO of Razorpay, said, “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. It’s a powerful way for businesses to turn everyday transactions into lasting customer relationships.”

Fintech sector

Previous POP had raised funding from marquee investors such as India Quotient, Unilever Ventures, Incubate Fund, and Nuventures.

This move comes amid growing competition in India’s fintech sector. Just last month, Scapia raised $40 million in series B led by Peak XV.

According to NPCI data, PhonePe and Google Pay remain the two most used platforms in the country. POP ranks as the 21st largest UPI player having processed 13.59 million transactions worth over Rs 500 crore as of May 2025.

(With inputs from bl intern Nethra Sailesh)

Published on June 17, 2025