The round also saw participation from an undisclosed group of angel investors. The Bengaluru-based startup claims to have received a nod from the National Payments Corporation of India (NPCI) to be a third-party application provider (TPAP) and offer UPI payments via its app, POPclub. As per Inc42’s data, India’s e-commerce market has raised more than $224 Mn in Q3 2023.
Ecommerce enablement startup POP has secured $2.4 Mn (around INR 20 Cr) in a seed funding round led by IndiaQuotient, with participation from a host of undisclosed angel investors. The Bengaluru-based startup claims to have received an approval from the National Payments Corporation of India (NPCI) to be a third-party application provider (TPAP) and offer UPI payments via its app, POPclub.
It claims to have partnered with Yes Bank and Juspay to build its UPI stack. The company plans to deploy the fresh proceeds for implementation of its UPI services which will allow consumers to earn “POPcoin”, a shopping currency offered by POPclub app, on every transaction. These POPcoin can be further used to buy products from direct-to-customer brands in categories like beauty, personal care, electronics, fashion and home goods, available on the app.
A part of freshly raised funds will also be used for expanding the team. Founded in 2023 by Bhargav Errangi , POP claims to offer a reward of 2% POPcoins on every UPI transaction made by the customer on its app. As per his LinkedIn profile, Errangi previously served as.
