Pop raises $2.4 million in new funding round

E-commerce business Pop has raised $2.4 million in a new funding round led by India Quotient. The business plans to use the investment towards implementing its UPI service and bolstering its customer reward system.

“Pop’s goal is to become the most sought-after go to platform for payments and shopping for digitally active young Indians,” Pop’s founder and CEO Bhargav Errangi told the Economic Times. “As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption.”
 
Pop’s funding round also saw participation from a number of angel investors, ET Bureau reported. The Bengaluru based business has received the necessary approvals from the National Payments Corporation of India as a Third Party Application Provider to enable it to offer UPI payments through its Popclub mobile app.
 
The business plans to harness its UPI service to enable app users to earn Popcoins. This shopping currency will be usable across Pop’s network of over 20- brands, including skincare labels Simple Skin Care and MCaffeine among others.
 
“Popcoins-led rewards offer a predictable and consistent reward promise compared to the luck-based and gamified models of other UPI apps,” said Errangi. “These Popcoins can be effectively used to purchase over 100,000 SKUs our target audience consumes. Our ambition is to position Popcoins as the shopping currency for purchasing the new-age products/ services that resonate with evolving new-age Indian consumer’s preferences.”