Fintech startup POP, founded by a team of former Flipkart employees, claims to have achieved a monthly run rate of one million transactions within the second month of its launch.
With an impressive growth rate of 100%+ month-on-month, the company’s ambition is to be among the top 10 UPI apps by the end of this year. POP has reached a total of 1.5 million transactions since its launch.
POP UPI rewards, via POPcoins, are merchant-funded and can be redeemed to buy a wide range of products from all major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods – all housed within the POP app.
“At POP, we’ve always focused on sustainable business growth. With UPI transactions soaring, we saw the need for a business model innovation. We are offering credit card-style rewards on UPI, funded primarily by merchants. POP rewards customers with 2% POPcoins on every UPI transaction, which can be redeemed for competitive discounts across 500+ new-age brands on our app,” Bhargav Errangi, founder of POP, said.
Within 8 weeks, POPcoins earned via UPI transactions are already driving over 20000 monthly e-commerce orders. The company expects this number to hit one million monthly orders by the end of the year.