Fintech startup POP has secured $30 million in funding from Razorpay, marking a significant move in India’s digital payments and commerce landscape. This majority investment positions Razorpay, India’s leading full-stack financial services company, as a key player in the consumer UPI segment, expanding its reach beyond payment infrastructure into loyalty, engagement, and commerce enablement.
POP, which launched its UPI payments platform in June 2024, has rapidly scaled to over six lakh daily UPI transactions and more than one million monthly active users within its first year. The platform also boasts over two lakh monthly commerce shipments and has issued more than 40,000 co-branded RuPay credit cards in partnership with Yes Bank. POP’s unique value proposition lies in its rewards-first approach, integrating UPI payments, a D2C-focused marketplace, and credit offerings into a single seamless experience.
At the core of POP’s offering is POPcoins, a brand-funded, multi-merchant digital rewards currency. Users earn POPcoins on every UPI transaction, in-app purchase, or credit card use, which can be redeemed for discounts across a growing network of partner merchants. This rewards ecosystem is designed to build consumer habits, increase retention, and reduce customer acquisition costs for merchants, addressing two of the biggest challenges in India’s digital commerce: high CAC and lack of meaningful consumer rewards.
The fresh capital will be used to drive further product innovation, enhance consumer value through the POPcoins rewards program, and deepen partnerships with D2C and lifestyle merchants. POP aims to accelerate its mission of creating a loyalty-first payments ecosystem that benefits both consumers and businesses.
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Razorpay’s investment in POP is a strategic extension of its broader vision, following its earlier acquisition of loyalty platform PoshVine and the launch of Razorpay Engage, India’s first full-stack intelligent marketing growth suite. This move allows Razorpay to offer D2C brands a comprehensive solution that goes beyond payments, providing tools for trust-building, loyalty, and repeat purchases.
