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Exclusive: POP Bags $30 Mn To Boost Its D2C Play
- Ecommerce enablement startup POP raises $30 Mn from Razorpay to enhance its Direct-to-Consumer (D2C) strategy.
- The funding will be used for product innovation, introducing POPcoins-driven rewards and expanding merchant partnerships in the D2C and lifestyle sectors.
- Razorpay's investment aims to tackle customer acquisition costs for merchants and offer more meaningful rewards for consumers in India's digital commerce landscape.
- POP has raised over $5 Mn in total funding and has investors like IndiaQuotient, Unilever Ventures, Incubate Fund, and Nuventures.
- Previous reports indicated POP was in discussions with Razorpay for a $10-15 Mn investment and even a potential acquisition.
- POP operates a rewards-centered UPI payments app integrating payments, shopping, and credit for users.
- Founded in 2023 by ex-Flipkart executive Bhargav Errangi, POP aims to become a major player in the UPI ecosystem, offering UPI payments, an integrated marketplace, and credit cards.
- POPcoins, like CRED Coins, can be earned on UPI transactions and redeemed for products from various D2C brands, making payments more rewarding.
- POP states 6 Lakh daily UPI transactions, 1 Mn monthly active transactors, 2 Lakh monthly commerce shipments, and 40,000 RuPay credit cards issued in partnership with Yes Bank.
- The concept of POPcoins is to enhance user habits, retention, reduce customer acquisition costs, and make payments more rewarding.
- Founder Bhargav Errangi mentioned their goal to create a loyalty-first payments ecosystem with Razorpay's backing to support business growth.
- POP's focus is on a loyalty-driven approach in the payments landscape.
- Razorpay's investment is strategic to help POP scale its operations.
- POP strives to provide a comprehensive user experience combining payments, rewards, and consumer engagement.
- The collaboration is set to position POP as a significant player in India's digital commerce arena.
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