Overview

• Razorpay acquired a majority stake in consumer payments platform POP through a $30 million investment to enter India’s UPI consumer segment.
• POP operates a rewards-first UPI app that merges payments, shopping and credit into a single platform and has grown to 1 million monthly active users.
• The investment will fund product innovation and the expansion of POPcoins rewards to drive consumer engagement and reduce merchant acquisition costs.
• POP processed 13.6 million UPI transactions worth over ₹500 crore in May 2025, making it the 21st largest UPI player by volume.
• The deal builds on Razorpay’s purchase of PoshVine and underpins the company’s Razorpay Engage suite for loyalty and marketing services.