Razorpay Takes Majority Stake in POP to Expand Beyond Payments

Razorpay has acquired a majority stake in UPI payments startup POP, marking its entry into loyalty, engagement, and commerce enablement. POP, launched in 2023 by ex-Flipkart exec Bhargav Errangi, runs a rewards-first UPI app centered around POPcoins, with the goal of rivaling Paytm in the UPI ecosystem. The $30M investment will support product innovation, merchant partnerships, and expand Razorpay’s reach into D2C loyalty tools.