In a significant move for the fintech sector, Bengaluru-based startup POP has secured $2.4 million in a seed funding round led by India Quotient, accompanied by key angel investors. The funding underscores investor confidence in POP’s innovative approach to digital payments and consumer rewards.
A notable development accompanying the funding is POP’s approval as a Third-Party Application Provider (TPAP) by the National Payments Corporation of India (NPCI). This accreditation allows POP to offer UPI payments through its POPclub app, placing it alongside major players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm in the UPI ecosystem.
Partnering strategically with financial entities such as Yes Bank and Juspay, POP has bolstered its UPI infrastructure. This collaboration aims to enhance user experience and operational efficiency within the POPclub app, ensuring seamless transactions for its growing user base.
The infusion of capital will propel POP’s ambitious plans, chief among them being the rollout of POP UPI services. This initiative promises users the opportunity to earn POPcoins with every UPI transaction conducted through the app. POPcoins, a novel digital currency within the ecosystem, can be redeemed across a diverse array of products from leading direct-to-consumer (D2C) brands. Categories span beauty, personal care, electronics, fashion, and home goods, catering directly to the preferences of today’s digitally savvy consumers.
Founded in May 2023 by Bhargav Errangi, POP has rapidly expanded its network, boasting partnerships with over 200 prominent brands. This includes well-known names such as mCaffeine, Simple Skin Care (HUL-owned), Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia, among others. These collaborations underscore POP’s commitment to offering a compelling value proposition combining convenience, rewards, and access to premium products.
As POP continues to innovate and grow its platform, the recent funding round not only strengthens its financial footing but also signals its readiness to disrupt the fintech landscape. With a clear focus on enhancing user engagement and broadening its merchant network, POP is poised to carve out a distinctive niche in India’s burgeoning digital economy.
