In a significant move to redefine India’s digital payment and commerce experience, Bengaluru-based fintech startup POP has raised $30 million in funding from Razorpay, one of the country’s leading full-stack financial services firms. The strategic investment signals Razorpay’s growing commitment to solving two critical challenges in Indian digital commerce: high customer acquisition costs for merchants and the lack of engaging rewards for consumers.
Founded by Bhargav Errangi, POP operates a “rewards-first” consumer payments app that seamlessly integrates UPI payments, D2C commerce, and credit offerings into a unified and engaging experience. With this latest funding, POP plans to double down on product innovation, enhance its rewards engine via POPcoins, and deepen partnerships with lifestyle and D2C brands across India.
Since launching its UPI platform in June 2024, POP has scaled rapidly—processing over 6 lakh daily UPI transactions, reaching 1 million monthly active users, shipping 2 lakh+ commerce orders monthly, and issuing over 40,000 co-branded RuPay credit cards in partnership with Yes Bank—all in its first year of operations.
Loyalty, Not Just Cashback
At the heart of POP’s proposition is POPcoins, a multi-brand, brand-funded digital rewards currency. Users earn POPcoins through various activities—paying via UPI, shopping on the in-app marketplace, or transacting with the POP credit card—and can redeem them across POP’s growing network of merchant partners for meaningful discounts and offers. “India doesn’t need another cashback-only app,” said Bhargav Errangi, Founder of POP.
“What we need is a new rewards economy with long-term value. POPcoins are designed to build habit loops, boost customer retention, and reduce CAC for brands. With Razorpay’s backing, we’re committed to building a loyalty-first payments ecosystem that creates lasting impact for both consumers and merchants.”
Razorpay Bets on Loyalty-First Commerce
For Razorpay, the investment in POP represents a strategic expansion beyond payments and into the realm of loyalty, engagement, and commerce enablement. The company previously acquired PoshVine, a loyalty management platform, which became the foundation for Razorpay Engage, a full-stack intelligent marketing growth suite. “Our investment in POP is driven by a clear purpose—to serve D2C merchants better,” said Harshil Mathur, Co-founder and CEO of Razorpay.
“In today’s competitive D2C landscape, brands need more than just smooth checkouts. POP helps turn everyday transactions into long-term relationships through seamless payments, instant rewards, and brand discovery—all in one place.”
According to a recent Consumer Spending Report by Upside, over 90% of digital consumers in India factor rewards and loyalty into purchase decisions. With the D2C market expected to exceed $100 billion by 2026, startups like POP are well-positioned to capitalize on the growing demand for value-driven shopping experiences.
Building India’s Next Billion Consumer Commerce Layer
POP’s long-term vision is to build a commerce ecosystem where loyalty is the currency, and every payment is a touchpoint for engagement. As India’s digital-native youth become increasingly value-conscious and brand-loyal, POP aims to enable a unified experience where payments, discovery, and rewards converge.
About POP
POP is a rewards-first fintech platform that combines UPI payments, a D2C brand marketplace, and a co-branded RuPay credit card. Its proprietary digital currency, POPcoins, enables users to earn and redeem rewards on every transaction—creating a sustainable, loyalty-led growth engine for brands and a value-first experience for consumers.
