Razorpay Acquires Majority Stake in POP with $30 Million Investment
Razorpay, one of India’s leading fintech unicorns, has acquired a majority stake in POP, a rewards-first UPI payments app, with a $30 million investment aimed at expanding its footprint in the consumer payments and loyalty space.
Despite the acquisition, POP will continue to operate independently. The fresh capital will be used to enhance POP’s core products, broaden its merchant network, and strengthen its loyalty offerings.
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Founded in June 2024, POP has emerged as a growing player in the UPI ecosystem. In just a year, the platform claims to have achieved over 6 lakh daily transactions and 1 million unique monthly users. It has also fulfilled 2 lakh orders and issued over 40,000 RuPay credit cards in partnership with Yes Bank.
A key differentiator for POP is its proprietary rewards system, POPcoins—a multi-brand digital currency earned on every transaction, which users can redeem across a wide range of merchant partners. This model allows seamless integration of payments and commerce, creating value for both users and merchants.
This acquisition marks Razorpay’s formal entry into the consumer UPI market, adding to its 2022 acquisition of PoshVine to strengthen its rewards and loyalty offerings. The integration with POP gives Razorpay a consolidated stack of payments, rewards, and engagement tools for merchants and consumers alike.
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Razorpay recently announced its shift back to Indian domicile from the US and is preparing for long-term regulatory readiness, though no IPO plans have been disclosed. The fintech major reported a profit of Rs 35 crore on revenue of Rs 2,068 crore in FY24 and is among the few profitable unicorns in India.
Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
