Fintech startup POP has successfully raised $2.4 million in a seed funding round led by India Quotient, with participation from prominent angel investors. This funding will accelerate POP’s various initiatives, including the launch of its UPI payment service via the POPclub app.
Based in Bengaluru, POP has recently received approval as a Third-Party Application Provider (TPAP) from the National Payments Corporation of India (NPCI). This certification allows POP to offer UPI payments, placing it alongside established players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm. To build its UPI stack, POP has partnered with financial firms Yes Bank and Juspay.
The POP UPI service aims to provide users with the opportunity to earn POPcoins with every transaction made through the app. These POPcoins can be redeemed for a wide range of products from major direct-to-consumer (D2C) brands across various categories such as beauty, personal care, electronics, fashion, and home goods.
Launched in May 2023 by Bhargav Errangi, POP seeks to create a robust network of e-commerce users, focusing on Gen Z and late millennials. POP has already integrated over 200 brands into its network, including notable names like mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia.
Errangi commented, “With this funding and our recent approval from NPCI, we are poised to revolutionize the way users engage with UPI payments by integrating an innovative rewards system. Our goal is to build a comprehensive ecosystem that benefits both users and brands.”
The newly secured funds will primarily be used to enhance the POP UPI service and expand the platform’s offerings, ensuring a seamless and rewarding experience for its users.
