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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
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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.”

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