Razorpay has invested $30 million to acquire a majority stake in Pop, a rewards-focused UPI payments app, to expand its presence in the consumer payments sector.

Target Information

Pop is a forward-thinking financial technology company that operates a rewards-centric UPI payments application, integrating payment processes, commerce, and credit functionalities into a seamless user experience. The company has successfully secured investments from notable backers, including India Quotient, Unilever Ventures, Incubate Fund, and Nuventures, positioning it as a promising player in the fintech sector.

With a focus on the burgeoning digital landscape in India, Pop has captured attention for its innovative approach and the significant potential for growth within the payments industry. The startup had previously raised $12 million from prestigious investors last October, further solidifying its market position.

Industry Overview

India's digital payments sector is experiencing rapid growth, driven by increased smartphone penetration and favorable government initiatives such as the Digital India campaign. The UPI (Unified Payments Interface) has revolutionized p