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Fintech giant Razorpay acquired a majority stake in the fast-growing digital payments & rewards platform POP, while also investing $30 million into the company.
The deets: launched in 2023, POP offers UPI payments & is best known for its main feature POPcoins, a multi-brand rewards currency that consumers earn when making payments or shopping on the platform.
The why: the $30 million funding will be used to strengthen its product offerings, boost merchant base, & enhance consumer rewards via its POPcoins program.
With this investment, Razorpay marks its entry into the consumer UPI space following in the footsteps of BharatPe, which rebranded its PostPe app last year to do the same.
Zoom out: POP crossed 6 lakh daily transactions & 1 million unique monthly users in its first year. As of May 2025, it ranks as the 21st largest UPI player in the country, processing 13.6 million transactions. The young fintech is now positioning itself to compete with heavyweights like CRED & Paytm in India’s crowded UPI ecosystem.
