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Consumer payments startup Pop has raised $30 Mn (Rs 258.2 Cr) from payments solutions company Razorpay.
The investment aims to tackle two key challenges in India’s digital commerce — high customer acquisition costs for businesses and limited rewards for consumers, the company said.
Pop will use the funding to boost product innovation, offer better Popcoins rewards for users, and grow partnerships with D2C and lifestyle brands.
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"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,” said Bhargav Errangi, Founder of Pop. “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.”
“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,” said Harshil Mathur, co-founder and CEO of Razorpay. “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."
About POP
Founded in 2023 by ex-flipkart executive Bhargav Errangi, the Bengaluru-based POP wants to take on Paytm and become the third big player in the UPI space. It offers UPI payments, a shopping platform, and a credit card that helps users earn POPcoins faster.
Similar to CRED Coins, users earn POPcoins on every UPI transaction, which can be used to buy products from top D2C brands in categories like beauty, fashion, electronics, and home.
Since launch, POP says it has hit 6 lakh daily UPI transactions, 1 million monthly active users, 2 lakh monthly orders, and has issued 40,000 RuPay credit cards with Yes Bank.
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