Bengaluru-based ecommerce startup POP has successfully raised $2.4 million in a seed funding round led by India Quotient, with participation from several angel investors. This funding will significantly accelerate POP’s initiatives, including the rollout of its Unified Payments Interface (UPI) services through the POPclub app, which recently received approval from the National Payments Corporation of India (NPCI) as a Third-Party Application Provider (TPAP).
The POPclub app, developed in collaboration with financial partners such as Yes Bank and Juspay, enables users to make UPI transactions while earning POPcoins, a unique shopping currency. These POPcoins offer a 2 percent value back on every transaction, providing consistent and predictable rewards compared to other UPI apps. Users can redeem POPcoins to purchase a wide range of products from major direct-to-consumer (D2C) brands in categories including beauty, personal care, electronics, fashion, and home goods.
Bhargav Errangi, the founder of POP, emphasized the startup’s ambition to become the go-to platform for payments and shopping among digitally savvy young Indians. “POP aims to provide innovative app experiences tailored to the interests of our target audience, which primarily consists of Gen Z and late millennials,” said Errangi. He highlighted that the company’s goal is to make POPcoins a standard currency for new-age products and services, aligning with the evolving preferences of modern consumers.
Since its launch in May 2023, POP has rapidly expanded its network, adding over 200 brands, including notable names like mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia. The company has already engaged over four million customers with its POPcoins and expects this number to grow to over 10 million by the end of the year, with the network expanding to include 500 brands.
Madhukar Sinha, General Partner at India Quotient, expressed excitement about partnering with POP to address significant challenges in customer acquisition and retention faced by D2C and consumer brands. “POP’s innovative approach and rewarding system through POPcoins can enable thousands of consumer brands to acquire and retain customers at a fraction of the current costs,” Sinha noted.