Fintech startup POP has raised $30 million in funding from Razorpay, marking Razorpay’s first step into the consumer UPI market.
POP, founded in 2023 by Bhargav Errangi, brings together payments, shopping, and credit on a single UPI-based platform. POPcoins, a digital rewards currency funded by brands, which gives users benefits every time they spend.
Since launching its UPI service in 2024, POP has seen fast adoption. It now handles over 6 lakh UPI transactions daily, serves 1 million monthly active users, and ships over 2 lakh commerce orders every month. The company has also issued 40,000+ co- branded RuPay credit cards in partnership with Yes Bank.
With this funding, POP plans to improve its product features, expand merchant tie-ups in D2C and lifestyle categories, and grow its POPcoins rewards ecosystem to offer more value to users.
As per NPCI data, POP is now the 21st largest UPI app in India, having processed 13.59 million transactions worth ₹500+ crore in May 2025 alone. While Google Pay and PhonePe continue to lead, POP is positioning itself as a fresh alternative with a loyalty- driven model.
Backed by Razorpay, POP is now gearing up to challenge bigger players like Paytm with a simple, reward-filled UPI experience.
Also Read : Razorpay Expands to Singapore: Transforming Cross-Border Digital Payments
