Bengaluru-based startup POP has secured $2.4 million in seed funding, led by India Quotient and prominent angel investors, to revolutionize UPI transactions and enhance user rewards.
Game-Changer in UPI Transactions
In an exciting development for fintech enthusiasts, POP has received approval from the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP). With strategic partnerships with Yes Bank and Juspay, POP is poised to offer a groundbreaking UPI payment service via its POPclub app, rewarding users with POPcoins—a unique shopping currency—on every transaction.
Unveiling POPcoins: The Future of Rewards
POPcoins set a new standard in UPI rewards by offering a 2% cashback on every transaction, providing consistent and attractive benefits compared to other UPI apps. Users can redeem POPcoins to shop across a vast array of products from over 200 top direct-to-consumer (D2C) brands within the POPclub app, including beauty, personal care, electronics, fashion, and home goods.
Driving the Future of Digital Payments
Founder Bhargav Errangi envisions POP as the ultimate platform for payments and shopping tailored to digitally savvy young Indians. “Our mission is to deliver innovative app experiences that align with the evolving interests of our users,” Errangi remarked. By positioning POPcoins as the go-to shopping currency, POP aims to resonate with the modern preferences of Indian consumers.
Strategic Vision and Expansion
Madhukar, General Partner at India Quotient, highlighted the strategic importance of POP’s solution for D2C and consumer brands. “We’re excited to support Bhargav and the team in addressing the critical challenges of customer acquisition and retention, enabling brands to retain customers at a fraction of current costs,” he stated.
Since its launch in early May 2023, POP has successfully integrated over 200 brands and engaged more than four million customers through its POPcoins rewards system. The company’s ambitious goal is to expand its network to over 500 brands and attract 10 million customers by the end of the year, showcasing its rapid growth and market potential.
A New Era in UPI Payments and Rewards
With its innovative approach and robust support from investors, POP is set to redefine the landscape of UPI transactions, making digital payments more rewarding and enjoyable for users. Stay tuned as POP continues to revolutionize the fintech industry, offering unparalleled value and convenience to its growing user base.
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