Bengaluru-based startup POP raises $2.4 million in seed funding spherical

Bengaluru-based startup, POP, has raised $2.4 million in seed funding spherical led by India Quotient and different angel traders. The startup additionally introduced that it had acquired approval as a Third-Social gathering Utility Supplier (TPAP) from the Nationwide Funds Company of India (NPCI) to supply UPI funds through its POPclub app.

The corporate said that in partnership with monetary companies comparable to Sure Financial institution and Juspay, it has constructed its UPI stack. The funding will assist expedite the implementation of varied initiatives, together with the POP UPI service that can allow customers to earn POPcoins, a purchasing forex already utilized by over 200 on-line retailers, with each UPI transaction made by way of the POPclub app.

These POPcoins can be utilized to purchase a variety of merchandise from all main direct-to-consumer (D2C) manufacturers in classes comparable to magnificence, private care, electronics, vogue, and residential goods- all housed throughout the POPclub app.

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Bhargav Errangi, Founding father of POP, mentioned, “POP’s purpose is to turn out to be probably the most sought-after go-to platform for funds and purchasing for digitally lively younger Indians. As shopper behaviours evolve, we intention to offer progressive app experiences tailor-made to their pursuits in every day consumption.”

POP additionally emphasises a 2 per cent worth again by way of POPcoins for each UPI transaction, providing extra predictable and constant rewards in comparison with different UPI apps, in keeping with the corporate.

“These POPcoins will be successfully used to buy over 100,000 SKUs our audience consumes. Our ambition is to place POPcoins because the purchasing forex for buying the new-age merchandise/companies that resonate with evolving new-age Indian shopper’s preferences,” he added.

Madhukar, Basic Accomplice at India Quotient, mentioned, “Acquisition and retention are two most difficult issues for D2C and shopper manufacturers. Very excited to accomplice with Bhargav and workforce to resolve this very exhausting drawback and allow 1000’s of shopper manufacturers to amass and retain clients at a fraction of present prices.”

Since its launch in early Might 2023, POP has added over 200 manufacturers to its community. POPcoins have engaged over 4 million clients throughout the community, and as per the corporate this quantity is anticipated to develop to over 500 manufacturers and 10 million clients by the top of the 12 months.

(Inputs from bl intern Vidushi Nautiyal)

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