Razorpay invests $30 million in POP. Here's what to know about the startup.

Fintech giant Razorpay, which recently completed its reverse flip from the US to India, has made one of its largest bets in the Indian startup ecosystem, investing $30 million in POP.

The Bengaluru-based startup had previously raised $2.4 million in a seed funding round last year, led by India Quotient and several prominent angel investors.

POP is a rewards-first consumer platform combining UPI payments, a D2C brand-first marketplace, and a rewards-powered RuPay credit card. At the center of the model are “POPcoins,” a proprietary rewards currency that allows users to earn value on every UPI transaction. These POPcoins can be redeemed across a rapidly expanding network of partner merchants for significant discounts. The platform aims to enable sustainable, loyalty-led customer acquisition for D2C brands.

POP said it will use the funding to strengthen product innovation, enhance the value proposition for consumers via POPcoins-led rewards, and accelerate deeper merchant partnerships across D2C and lifestyle categories.

"India doesn't need another cashback-only rewards app. What we need is a new rewards economy built on a long-term purpose. POPcoins are designed to build habits, increase retention, and reduce CAC for merchants - all while making payments more rewarding for the end user. With Razorpay’s support, we will double down on our mission to bring a loyalty-first payments ecosystem that will help businesses scale with purpose, speed, and impact,” Bhargav Errangi, Founder of POP.

Since launching its UPI platform in June 2024, POP has scaled to more than 600,000 daily UPI transactions, surpassed one million unique monthly active transactors, fulfilled over 200,000 monthly commerce shipments, and issued more than 40,000 RuPay credit cards in a co-branded partnership with Yes Bank.

For Razorpay, the investment expands its footprint beyond payments into the broader ecosystem of loyalty, engagement, and commerce enablement.

Harshil Mathur, Co-founder and CEO of Razorpay, said, “Our investment in POP is driven by a clear purpose and that is to serve D2C merchants better. In today’s crowded D2C space, brands need more than just payment solutions; they need tools to earn trust, drive repeat purchases, and build real loyalty. POP bridges that gap by combining instant rewards, seamless payments, and brand discovery in one platform. It’s a powerful way for businesses to turn everyday transactions into lasting customer relationships.”

The investment also complements Razorpay’s earlier acquisition of PoshVine, a loyalty and rewards management platform that formed the foundation for Razorpay Engage, billed as India’s first full-stack intelligent marketing growth suite.

According to a recent Consumer Spending Report by Upside, over 90% of digital consumers consider rewards and loyalty when making purchase decisions and India’s D2C market is expected to surpass $100 billion by 2026 - the pressure on brands to create sticky, rewarding customer experiences has never been greater.