back Back

POP raises $2.4m in Seed Funding from India Quotient to launch UPI Play

By Gloria Mathias

June 19, 2024

  • fintech funding
  • fintech India
  • Fintech news

POP, Payments Technology, Payment solutions, Fintech news, Fintech Funding, Fintech India, Flipkart coins, Payments solutions, POP, a Bengaluru-based startup, has announced the closing of a $2.4 million seed funding round led by India Quotient and a few angel investors.

The Bengaluru-based startup also announced that it had received approval as a Third-Party Application Provider (TPAP) from the National Payments Corporation of India (NPCI) to offer UPI payments via its POPclub app.

The company, in partnership with financial firms such as Yes Bank and Juspay, has built its UPI stack. The funding will help expedite the implementation of various initiatives, including the POP UPI service that will enable users to earn POPcoins, a shopping currency already used by 200+ online merchants, with every UPI transaction made through the POPclub app.

These POPcoins can be used to buy a wide range of products from all major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods, all housed within the POPclub app.

Bhargav Errangi, Founder of POP, said, “POP’s goal is to become the most sought-after go-to platform for payments and shopping for digitally active young Indians. As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption.”

Unlike other UPI players, POP emphasises a 2% value back (via POPcoins) for every UPI transaction.  “POPcoins-led rewards offer a predictable and consistent reward promise compared to the luck-based and gamified models of other UPI apps. These POPcoins can be effectively used to purchase over 100,000 SKUs that our target audience consumes. Our ambition is to position POPcoins as the shopping currency for purchasing new-age products and services that resonate with evolving new-age Indian consumer preferences,” said Errangi, who has a track record of scaling Flipkart Supercoins in his previous role.

Madhukar, General Partner at India Quotient, said, “Acquisition and retention are two of the most challenging problems for D2C and consumer brands. We are very excited to partner with Bhargav and his team to solve this very hard problem and enable thousands of consumer brands to acquire and retain customers at a fraction of current costs.”

Previous Article

June 19, 2024

Veefin obtains strategic stake in Regime Tax Solutions through its subsidiary

Read More
Next Article

June 19, 2024

5 Spend Management Platforms to optimize your business finances

Read More

IBSi Daily News Analysis


July 19, 2024

fintech funding

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Paytm & Axis Bank to offer POS solutions to merchants

Read More


Klarna integrates Sofort payment service with Klarna Payments

Read More


PayDo partners with ClearBank for automated currency conversion

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024