Razorpay Acquires Majority Stake in POP with $30 Million Investment

Razorpay has made a strategic majority investment of $30 million in Bengaluru-based fintech startup POP, marking its expansion from core payment infrastructure into consumer-facing commerce, loyalty, and engagement. POP operates a rewards-first UPI payments app launched in June 2024, integrating payments, shopping, and credit offerings with its multi-brand digital rewards currency called POPcoins, which users earn through transactions and redeem across a growing merchant network. Within its first year, POP has rapidly scaled to over six lakh daily UPI transactions, one million monthly active users, more than two lakh monthly commerce orders, and issued over 40,000 co-branded RuPay credit cards in partnership with Yes Bank. Razorpay views this investment as a key step to address high customer acquisition costs and build long-term loyalty for D2C merchants, complementing its earlier acquisition of loyalty platform PoshVine and its Razorpay Engage suite. POP plans to use the funding to accelerate product innovation, deepen merchant partnerships, and enhance its rewards ecosystem to create a loyalty-first payments ecosystem that benefits both consumers and businesses. This move also signals Razorpay's entry into the consumer UPI space amid growing competition in India's digital payments market.