POP Raises $30M from Razorpay to Redefine Loyalty-First Payments in India

Pop, a Bengaluru-based consumer payments startup, has raised $30 million (₹258 crore) from Razorpay in a strategic investment designed to reshape India’s digital commerce with a loyalty-first ecosystem.

Founded in 2023 by Bhargav Errangi, an ex-Flipkart exec, Pop aims to be India’s third major UPI player after PhonePe and Paytm, with a twist: rewards first payments.

Key numbers:

> 6 lakh daily UPI transactions

> 1 million monthly active users

> 2 lakh monthly D2C orders

> 40,000+ RuPay credit cards issued with Yes Bank

“India doesn't need another cashback-only rewards app. What we need is a new rewards economy with long-term purpose,” said Bhargav Errangi, Founder of Pop. “Popcoins build habits and improve retention, while reducing CAC for brands.”

What sets Pop apart:

UPI + Credit + Shopping in one platform

Earn Popcoins on every UPI transaction

Redeem them across curated D2C brands in beauty, fashion, home, electronics

Focused on brand discovery, loyalty, and instant gratification

“Pop bridges the gap between payments and customer loyalty. In a crowded D2C market, this is the moat,” said Harshil Mathur, Co-founder and CEO, Razorpay.

With this funding, Pop will:

→ Enhance its Popcoins rewards engine

→ Expand D2C and lifestyle brand partnerships

→ Double down on product innovation to drive purposeful commerce

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