Razorpay invests USD 30 million in POP, acquiring a majority stake

With this deal, Razorpay aims to expand into India’s consumer UPI market, helping with two of India’s challenges: raising customer acquisition costs for merchants and the lack of rewards for customers.

Razorpay funds POP’s growth

POP is a company which operates as a rewards-first UPI payments app, offering payments, commerce, and credit services. Previously, POP raised funds from several investors, such as India Quotient, Unilever Ventures, Incubate Fund and Nuventures. Since launching its UPI platform in 2024, POP issued over 40,000 RuPay credit cards in a co-branded collaboration with Yes Bank and grew its operation and productivity in accordance with its customers’ needs and the industry’s laws and regulatory demands.

The company will utilise the funds to increase product innovation, improve the value proposition for customers via POPcoins-led rewards, and accelerate merchant partnerships across D2C and lifestyle segments.

Razorpay's investment was driven by the goal to serve D2C merchants more efficiently. The D2C space in the region is currently in need of new tools to drive loyalty, trust, and repeat purchases. The company chose POP as the app combines instant rewards, simple payments, and brand discovery in one platform.

This investment follows Razorpay’s previous acquisition of PoshVine, a loyalty and rewards management platform, which helped launch Razorpay Engage, a full-stack intelligent marketing growth suite, according to the company.

With Razorpay’s support, POP aims to further its mission to bring a loyalty-first payments platform to businesses seeking to scale with speed and impact. For Razorpay, this investment expands its footprint in new segments of the market, including loyalty, engagement, and commerce enablement ecosystems.