Bengaluru-based fintech startup POP has raised $30 million in a fresh funding round led by Razorpay, as it looks to aggressively scale its direct-to-consumer (D2C) strategy and build a robust alternative in India’s fast-growing Unified Payments Interface (UPI) ecosystem. The investment marks a significant milestone for the young company, founded in 2023 by former Flipkart and CRED executive Bhargav Errangi.
POP is positioning itself not just as a payments platform, but as a consumer-facing brand that bridges digital transactions with loyalty and rewards. At the heart of its offering is “POPcoins,” a proprietary rewards system that incentivizes consumers on every transaction. By blending payment utility with gamified experiences and loyalty benefits, POP aims to create a sticky user base and a differentiated value proposition in the increasingly commoditized payments space.
The latest capital infusion brings POP’s total funding to over $35 million. Existing backers such as IndiaQuotient, Unilever Ventures, Incubate Fund, and NuVentures have also participated in earlier rounds. The funding will be deployed to further enhance the platform’s technology infrastructure, onboard a broader merchant base, and drive consumer adoption at scale.
Razorpay’s strategic involvement adds not only financial backing but also deep fintech expertise and network support. For Razorpay, this move represents a bet on the future of D2C fintech experiences in India, with POP expected to play a pivotal role in unlocking new monetization models in the UPI space.
Founder Bhargav Errangi highlighted the growing need for consumer-focused fintech experiences that go beyond pure utility. “We believe the next big opportunity lies in creating meaningful engagement with users at the point of payment. With POP, we’re combining seamless UPI payments with instant gratification through POPcoins, building something that’s inherently more rewarding and fun,” he stated.
As POP scales, it plans to tap into the vast UPI user base and partner with over 100,000 merchants by the end of the year. The startup is also exploring innovative use cases for POPcoins, including gamified challenges, social leaderboards, and brand collaborations to deepen consumer loyalty.