Summary:

  • POP was launched in May 2023 by Bhargav Errangi, with a vision to create a dynamic network of e-commerce users.

  • The round is led by India Quotient with additional backing from several prominent angel investors.

  • POP joins the ranks of established players in the UPI ecosystem, such as Google Pay, PhonePe, WhatsApp, CRED, and Paytm.

Fintech startup POP has successfully raised $2.4 million in a seed funding round led by India Quotient, with additional backing from several prominent angel investors.

The Bengaluru-based startup has also achieved a significant milestone by receiving approval from the National Payments Corporation of India (NPCI) as a Third-Party Application Provider (TPAP). This approval allows POP to offer Unified Payments Interface (UPI) payments through its POPclub app.

With this approval, POP joins the ranks of established players in the UPI ecosystem, such as Google Pay, PhonePe, WhatsApp, CRED, and Paytm. To build its UPI infrastructure, POP has partnered with financial institutions like Yes Bank and Juspay, ensuring a robust and reliable payment service for its users.

The newly acquired funding will be pivotal in accelerating the implementation of several key initiatives. One of the primary focuses will be the development and enhancement of the POP UPI service, which is designed to reward users with POPcoins for every UPI transaction made through the app. These POPcoins form the core of POP’s innovative approach to engaging and retaining users.

POP was launched in May 2023 by Bhargav Errangi, with a vision to create a dynamic network of e-commerce users, primarily targeting Generation Z and late millennials. The incentive-driven ecosystem built around POPcoins aims to foster a vibrant community of users who can earn and spend these digital rewards within the app. POPcoins can be redeemed to purchase a wide range of products across various categories, including beauty, personal care, electronics, fashion, and home goods.

Since its inception, POP has rapidly expanded its network, integrating over 200 direct-to-consumer (D2C) brands. Notable names in POP’s brand portfolio include mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia. These partnerships enhance the app’s appeal by offering users a diverse selection of high-quality products that can be purchased using POPcoins.
The strategic partnerships with renowned financial firms and the diverse range of products available within the app highlight POP’s commitment to creating a seamless and rewarding user experience. The combination of UPI payments and the innovative POPcoins system positions POP to capture a significant share of the digital payments market, particularly among younger consumers who are increasingly drawn to incentive-based platforms.

POP’s approval as a TPAP and its successful funding round signifies a strong vote of confidence from both regulatory bodies and investors. These developments are expected to propel the startup forward, enabling it to scale its operations and enhance its offerings. The additional capital will be used to refine the app’s features, expand its user base, and continue building strategic partnerships with more brands and financial institutions.

As POP moves forward, its focus will remain on leveraging technology to create a compelling value proposition for its users. By integrating financial services with a robust rewards system, POP aims to redefine the digital payments landscape in India. The startup’s innovative approach, combined with its strategic partnerships and strong financial backing, positions it well for sustained growth and success in the competitive fintech sector.

In summary, POP’s recent funding and regulatory approval mark significant milestones in the startup’s journey. The infusion of capital and strategic partnerships will enable POP to accelerate its growth, enhance its user experience, and solidify its position in the fintech ecosystem. With a clear vision and a unique value proposition, POP is poised to make a substantial impact on the digital payments industry in India