Bengaluru-Based Startup POP Raises $2.4 Million in Seed Funding Round
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POP, a fintech startup, has secured $2.4 million in seed funding rounds led by India Quotient and a few prominent angel investors.
The Bengaluru-based startup also announced that it had received approval as a Third-Party Application Provider (TPAP) from the National Payments Corporation of India (NPCI) to offer UPI payments via its POPclub app.
As per the startup, the funding will be used to expedite the implementation of various initiatives, which includes the POP UPI service that will enable users to earn POPcoins with every UPI transaction made via an app.
POP | A Fintech Startup
Launched by Bhargav Errangi in May 2023, POP intends to create a network of e-commerce users that constitutes GenZ and late millennials on the back of POPcoins. These POPcoins can be used to buy lots of products from all major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods within the app.
POP also joins prominent players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm as a third-party app authorized to provide UPI payments. It has partnered with financial firms such as Yes Bank and Juspay to build its UPI stack.
POP has added over 200 brands to its network, including mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia.
Speaking about the development, Bhargav Errangi, Founder and CEO of POP, said,
“POP’s goal is to become the most sought-after go-to platform for payments and shopping for digitally active young Indians. As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption.”
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