India Quotient and a few well-known angel investors led the $2.4 million seed funding round for fintech startup POP.
The startup from Bengaluru further declared that the National Payments Corporation of India (NPCI) had granted it permission to operate as a Third-Party Application Provider (TPAP) and accept UPI payments through the POPclub app.
Along with other well-known players, POP is now a third-party app approved to process UPI payments, joining the ranks of Google Pay, PhonePe, WhatsApp, CRED, and Paytm. In order to construct its UPI stack, it has collaborated with financial institutions like Yes Bank and Juspay.
A number of initiatives, such as the POP UPI service, which will allow users to earn POPcoins with each UPI transaction made through the app, will be implemented more quickly thanks to the funding.
POP, which Bhargav Errangi launched in May 2023, aims to use POPcoins to build a network of e-commerce users made up of late millennials and members of Generation Z. Through the app, users can purchase a variety of goods in categories like beauty, personal care, electronics, fashion, and home goods from all major direct-to-consumer (D2C) brands with these POPcoins.
mCaffeine, Adil Qadri, Anveshan, Two Brothers Organic Farms, Epigamia, and Simple Skin Care—owned by HUL—are among the more than 200 brands that POP has added to its network.
