Fintech Startup POP Secures $2.4 Million in Seed Funding, Gains NPCI Approval for UPI Payments

Bengaluru-based fintech startup POP has successfully raised $2.4 million in a seed funding round led by India Quotient, with participation from prominent angel investors. The startup also announced it has received approval from the National Payments Corporation of India (NPCI) as a Third-Party Application Provider (TPAP), allowing it to offer Unified Payments Interface (UPI) payments via its POPclub app.

With this approval, POP joins the ranks of major players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm in providing UPI payment services. To build its UPI infrastructure, POP has partnered with financial institutions such as Yes Bank and Juspay.

The freshly secured funds will be utilized to accelerate various initiatives, including the rollout of the POP UPI service. This service will allow users to earn POPcoins with every UPI transaction made through the app. These POPcoins can then be used to purchase a wide array of products from major direct-to-consumer (D2C) brands across categories such as beauty, personal care, electronics, fashion, and home goods within the app.

Launched in May 2023 by Bhargav Errangi, POP aims to create a vibrant network of e-commerce users, particularly targeting Gen Z and late millennials. The startup has already added over 200 brands to its network, including well-known names like mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia.

Errangi stated, "The investment will enable us to expedite the implementation of our initiatives and expand our user base. By leveraging POPcoins, we aim to create a seamless and rewarding shopping experience for our users."

The Indian fintech sector continues to grow at an unprecedented pace, with UPI transactions playing a significant role in this expansion. POP's entry into the market with its innovative rewards-based UPI service is poised to make a significant impact, offering a fresh and engaging way for users to transact and shop online.

With the new funding and NPCI approval, POP is well-positioned to scale its operations and enhance its offerings, further solidifying its presence in the competitive fintech landscape.

Founded in 2023 by Bhargav Errangi, POP is a fintech startup focused on creating a network of e-commerce users through its POPclub app. The platform offers UPI payment services and rewards users with POPcoins for every transaction, which can be redeemed for products from a wide range of D2C brands.