In a bold move that marks its official entry into India’s fast-growing consumer UPI market, fintech unicorn Razorpay has taken a majority stake in Bengaluru-based POP, a rewards-first UPI payments app, by investing $30 million into the startup.
While the deal’s finer details remain undisclosed, POP will continue to operate as a separate entity, retaining its distinct brand and consumer-first DNA.
POP, which launched its UPI platform in June 2024, has grown at a breakneck pace—crossing 6 lakh daily transactions and 1 million unique monthly users within its first year. Along the way, it’s also fulfilled over 2 lakh orders and issued more than 40,000 RuPay credit cards in partnership with Yes Bank.
At the heart of POP’s offering is POPcoins—a multi-brand rewards currency that gives every payment a purpose. Consumers earn POPcoins every time they shop or pay via the app, which can then be redeemed across a growing network of merchants. It’s gamified finance with real-world value—a fresh approach in a crowded payments market.
With this strategic backing from Razorpay, POP now has the capital and partner muscle to enhance its product, scale its merchant base, and expand its rewards ecosystem.
For Razorpay, the investment builds on its earlier acquisition of PoshVine (in September 2022) and cements its growing focus on loyalty, rewards, and user engagement. Now, with POP in its fold, Razorpay aims to offer a unified platform for merchants—combining payments, rewards, and commerce solutions under one roof.
“This move is more than just an acquisition; it’s an alignment of missions. Together, we’re unlocking new value for both merchants and consumers in the digital payments journey,” said sources close to the development.
The announcement also comes amid Razorpay’s own major transition: the company is shifting its domicile back to India from the US—a significant step as the fintech leader gears up for its next phase of growth. Already one of the few profitable unicorns in Indian fintech, Razorpay closed FY24 with Rs 2,068 crore in revenue and a profit of Rs 35 crore.
As UPI continues to dominate the payments landscape and consumer expectations shift toward value-driven experiences, the POP-Razorpay partnership could become a benchmark for what the next generation of Indian fintech looks like—fast, functional, and rewarding.
