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Ecommerce enablement startup POP has raised $30 Mn (INR 258.2 Cr) from Razorpay.
The startup plans to use the fresh capital to ramp up its product innovation, boost consumer value proposition through POPcoins-driven rewards and foster merchant partnerships, particularly in the D2C and lifestyle segments.
POP said in a statement that Razorpay’s majority investment reflects a shared focus on addressing two major challenges in India’s digital commerce landscape – reducing customer acquisition costs for merchants and providing more meaningful rewards for consumers.
To date, the ecommerce enablement startup has raised over $5 Mn in total funding and counts IndiaQuotient, Unilever Ventures, Incubate Fund and Nuventures among its backers.
Earlier, it was reported that POP was reportedly in talks with Razorpay to raise between $10-15 Mn (about INR 86.9-130.4 Cr). The company was also open to an acquisition if deal terms materialise.
POP runs a rewards-first UPI payments app that brings together payments, shopping and credit into one seamless, rewarding experience.
Launched in 2023 by ex-Flipkart executive Bhargav Errangi, the Bengaluru-based fintech is on a mission to beat Paytm and claim the third major spot in the UPI ecosystem. At its core, POP offers UPI payments, an integrated marketplace, and a credit card that helps users rack up POPcoins faster.
Much like CRED Coins, POPcoins are earned on every UPI transaction and can be redeemed for products from leading D2C brands across beauty, electronics, fashion and home, making everyday payments more rewarding than ever.
Since launch, POP claims to have scaled to over 6 Lakh daily UPI transactions, 1 Mn monthly active transactors, 2 Lakh monthly commerce shipments and 40,000 RuPay credit cards issued in partnership with Yes Bank.
“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.
The post Exclusive: POP Bags $30 Mn To Boost Its D2C Play appeared first on Inc42 Media.
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