Fintech major Razorpay has entered the consumer UPI segment by leading a $30 million investment round in digital payments and rewards platform POP. It has now become the majority shareholder in POP.
The development comes just months after Razorpay acquired loyalty platform PoshVine and launched a marketing tech stack, Razorpay Engage.
The POP investment marks the company’s expansion beyond core payment infrastructure into consumer-facing commerce, loyalty, and engagement.
“The investment aligns with the company’s focus on helping D2C merchants drive customer loyalty,” said Harshil Mathur, co-founder and CEO of Razorpay.
“POP bridges a critical gap by combining instant rewards, seamless payments, and brand discovery in a single platform,” he said.
Launched in June 2024, POP operates a UPI app focused on a rewards-driven model. The platform integrates payments, commerce, and credit offerings, allowing users to earn POPcoins, a multi-brand, brand-funded rewards currency, on every transaction
In just a year, POP has scaled to over six lakh daily UPI transactions and reached more than one million unique monthly active users. It has also fulfilled over two lakh monthly commerce shipments and issued more than 40,000 RuPay credit cards in partnership with Yes Bank.
According to NPCI, POP is currently the 21st largest UPI player in the country, processing 13.6 million transactions in May 2025. The total transactions for the month by value stood at over Rs 500 crore.
“India doesn’t need another cashback app,” said Bhargav Errangi, founder of POP. “With Razorpay’s backing, we aim to build a purpose-led, loyalty-first payments ecosystem that benefits both consumers and businesses.”
The UPI market in the country is dominated by PhonePe and Google Pay with these two platforms accounting for over 80% of all transactions. While some other old players like Paytm and Amazon Pay continue to hold smaller market share, newer companies are entering the space.
Last month, fintech startup Jar announced its entry into UPI Third-Party Application Provider (TPAP) services, partnering with BharatPe and Unity Small Finance Bank.