Razorpay Acquires Majority Stake In Consumer UPI Platform POP With $30-Million Infusion
POP operates a rewards-first UPI payments app that merges payments, commerce and credit into one experience.
Razorpay has invested $30 million in consumer payments platform POP, acquiring a majority stake, marking its bid to tap into the consumer UPI space in India.
This majority investment from Razorpay signals a shared commitment to solving two of India’s most pressing challenges in digital commerce: rising customer acquisition costs for merchants and the lack of meaningful rewards for consumers, said the company.
POP operates a rewards-first UPI payments app that merges payments, commerce and credit into one experience. It has previously raised funding from several investors, including India Quotient, Unilever Ventures, Incubate Fund and Nuventures.
The company 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, it said.
"Our investment in POP is driven by a clear purpose and that is to serve D2C merchants better," Harshil Mathur, chief executive officer of Razorpay, said. "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," Mathur said.
For Razorpay, this investment expands its footprint beyond payments into the broader ecosystem of loyalty, engagement and commerce enablement.
This investment in POP complements Razorpay's earlier acquisition of PoshVine, a loyalty and rewards management platform, which laid the foundation for Razorpay Engage, India's First Full-Stack Intelligent Marketing Growth Suite, the company said.
Since launching its UPI platform in June 2024, POP has over 6 lakh daily UPI transactions, crossed 1 million unique monthly active transactors, fulfilled 2 lakh monthly commerce shipments and issued over 40,000 RuPay credit cards in a co-branded partnership with Yes Bank.
"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," said Bhargav Errangi, founder of POP.
