Razorpay Invests $30 Million in POP, Enters Consumer UPI Segment

Razorpay has invested approximately $30 million in POP, a consumer UPI payments platform launched in June 2024, as per the reports. This marks the company’s first major move into the consumer-facing UPI ecosystem.

What POP Offers

POP is a UPI app that integrates payments, rewards, and commerce. Users earn 'POPcoins', a brand-funded digital rewards currency, on transactions made through the app. These coins can be redeemed for discounts across partner brands. POP also provides access to a shopping marketplace and credit products.

In its first year, POP scaled to over 6 lakh daily UPI transactions and has more than 1 million monthly active users. It has fulfilled over 2 lakh monthly product shipments and issued over 40,000 co-branded RuPay credit cards in partnership with Yes Bank.

Razorpay’s Funding Objectives

The $30 million funding will be used to improve product features, expand merchant partnerships, particularly in the direct-to-consumer (D2C) and lifestyle sectors and strengthen the rewards program. With this investment, Razorpay becomes the majority stakeholder in POP.

Market Standing

According to NPCI data, POP ranked 21st among UPI apps in May 2025, processing 13.6 million transactions valued at over ₹500 crore. While it remains a smaller player, the platform has shown consistent transaction volume growth since launch.

Read more: Razorpay IPO: Company to Pay ₹1,245 Crore in Taxes as it Flips Back to India!

UPI Competition 

PhonePe and Google Pay continue to dominate India’s UPI market with over 80% market share. Other players include Paytm, Amazon Pay, and newer entrants like Jar, which recently launched its UPI offering in collaboration with BharatPe and Unity Small Finance Bank.

Conclusion

The investment allows Razorpay to enter the consumer UPI space through POP, which combines payments with commerce and a rewards mechanism. The platform will focus on scaling its network and features using the new funding.

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