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Fintech startup POP raises $2.4 Mn led by India Quotient

EntrackrEntrackr · 1y ago
Fintech startup POP raises $2.4 Mn led by India Quotient
Medial

Fintech startup POP has raised $2.4 million in seed funding round led by India Quotient and a few prominent angel investors. The Bengaluru-based startup also announced that it had received approval as a Third-Party Application Provider (TPAP) from the National Payments Corporation of India (NPCI) to offer UPI payments via its POPclub app. POP also joins prominent players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm as a third-party app authorised to provide UPI payments. It has partnered with financial firms such as Yes Bank and Juspay to build its UPI stack. The funding will help expedite the implementation of various initiatives, including the POP UPI service that will enable users to earn POPcoins with every UPI transaction made through the app. Launched in May 2023 by Bhargav Errangi, POP intends to create a network of e-commerce users which constitutes genZ and late millennials on the back of POPcoins. These POPcoins can be used 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 within the app. POP has added over 200 brands to its network, including mCaffeine, HUL-owned Simple Skin Care, Adil Qadri, Anveshan, Two Brothers Organic Farms, and Epigamia.

Razorpay acquires majority stake in POP with $30 Mn investment

EntrackrEntrackr · 1m ago
Razorpay acquires majority stake in POP with $30 Mn investment
Medial

Razorpay acquires majority stake in POP with $30 Mn investment Rewards-first UPI payments app POP has raised $30 million from Razorpay to grow its payments and commerce platform. With this, Razorpay has acquired a majority stake in the Bengaluru-based startup. While POP did not share further transaction details, it will operate as a separate entity. Earlier in June last year, POP had raised $2.4 million in its seed funding round led by India Quotient and a few prominent angel investors. The fresh proceeds will be used to improve its products, grow its merchant base, and enhance its rewards program. POP started its UPI platform in June 2024. It claims to have crossed 6 lakh daily transactions and 1 million unique monthly transactions within the first year. According to the company, it fulfilled 2 lakh orders and issued over 40,000 RuPay credit cards in collaboration with Yes Bank. POP’s main feature is POPcoins, a multi-brand rewards currency that consumers earn when making payments or shopping on the platform. These POPcoins can be redeemed across POP’s extensive merchant network, offering users flexible and valuable incentives. Razorpay’s investment in POP expands its services into loyalty, engagement, and commerce. POP’s payments and rewards ecosystem lets merchants reward transactions and payments directly. Previously in September 2022, Razorpay acquired PoshVine to add loyalty and rewards to its payments stack. POP will help Razorpay serve merchants by offering payments, loyalty, and engagement services in a single platform. The development follows Razorpay’s recent announcement to shift its domicile back to India from the US. While the company has no immediate plans for a public listing, it has completed key regulatory steps, including its transition into a public limited company and securing approval for the merger of Razorpay Inc. with Razorpay India. Razorpay stands out as one of the few profitable unicorns in the fintech space, having reported revenue of Rs 2,068 crore and a profit of Rs 35 crore in FY24. The company is yet to announce its FY25 results.

PlatinumRx raises $800K funding led by IndiaQuotient

EntrackrEntrackr · 1y ago
PlatinumRx raises $800K funding led by IndiaQuotient
Medial

Healthcare startup PlatinumRx has raised $800,000 in a seed round from India Quotient, along with participation from several prominent angel investors. PlatinumRx plans to utilize the funds to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings, the company said in a press release. Founded by Ashutosh Pandey and Piyush Kumar, PlatinumRx aims to redefine the way chronic patients access essential medications by curating and offering substitutes from top brands like Cipla, Abbott, Alkem, etc. PlatinumRx helps consumers find the exact substitute medicine having the same salt, same strength, and same effectiveness. PlatinumRx delivers to more than 20,000 pincodes within 2-3 days and providing same-day delivery in Bengaluru. It has also partnered with multiple old age homes and rehab centers across the electronic city. “With rising diabetes and blood pressure-related ailments, coupled with soaring monthly medicine expenses, cost reduction for all chronic illnesses without compromising efficacy is crucial,” said Gagan Goyal, General Partner at India Quotient. Launched by Anand Lunia and Madhukar Sinha in 2012, India Quotient launched its fourth fund worth $80 million in February 2021. Its portfolio companies include WebEngage, Dhiwise, Vyapar, Pagarbook, Fleetx, Powerplay, Brands.live, and GoComet among others.

True Diamond raises $3 Mn led by India Quotient

EntrackrEntrackr · 2m ago
True Diamond raises $3 Mn led by India Quotient
Medial

True Diamond raises $3 Mn led by India Quotient Lab-grown diamond jewelry brand True Diamond has raised Rs 26 crore ($3 million) in a pre-Series A funding round led by India Quotient along with participation from existing investors Titan Capital, Winners Fund, and Huddle Ventures. Prior to this, it had raised $1 million in a seed funding round led by Titan Capital, along with participation from Huddle Ventures, Zeropearl Ventures, and personal investments from Ashutosh Valani, Priyank Shah, Aashka Goradia Goble, Mamaearth founder Ghazal Alagh, Abhishek Goyal, and Anmol Jain. The proceeds will be used to accelerate its omnichannel strategy and focus on offline expansion, True Diamond said in a press release. Co-founded in 2024 by Darayus Mehta and Parin Shah, True Diamond aims to modernise the jewelry experience for contemporary Indian consumers. The brand focuses on design and material innovation, bold content, and accessible luxury. It has launched retail outlets in Mumbai, Hyderabad, and Noida, with more stores planned across metro cities. The Mumbai-based company offers a variety of products, including rings, earrings, pendants, necklaces, mangalsutras, bracelets, and tennis bracelets, among others. The startup also provides customized jewellery and men’s collections. True Diamond claims to have built a catalog of over 5,000 designs and achieved a 1.7x customer repeat rate. The brand offers innovative products with unique launches like over the 160 facet Portuguese diamonds, black diamonds, and many more.

Toy marketplace Snooplay raises pre- Series A1 round led by Pravek Family Office

EntrackrEntrackr · 15d ago
Toy marketplace Snooplay raises pre- Series A1 round led by Pravek Family Office
Medial

Toy marketplace Snooplay raises pre-Series A1 round led by Pravek Family Office Toy marketplace Snooplay has raised Rs 8 crore in a pre-Series A1 funding round led by Pravek Family Office along with participation from other strategic angel investors. Prior to this, the Noida-based company had raised $535K in a seed funding round from Ajay Kumar Gupta and others. The proceeds will be utilized to launch its two proprietary innovative tech products that aim to transform how India discovers, buys, and recirculates toys - through AI, data, and empathy, Snooplay said in a press release. Co-founded in 2019 by Aanchal Mahajan and Brij Raj Singh, Snooplay builds a full-stack, AI-powered toy platform that integrates discovery, purchase, and guilt-free disposal into one seamless ecosystem. The company’s proprietary Toy Intelligence Database—an industry-first effort to map toys to developmental skills, moods, play types, and learning goals. “We are building India’s only toy app that’s serious about play. An app that helps you discover and buy the right toy when your child needs it and lets you trade it in for store credits once they’ve outgrown it. No clutter, no guilt. Just a smarter way to play,” said Aanchal Mahajan, co-founder, Snooplay. Snooplay claims that it houses over 35,000 toys from more than 600 brands, and serves a growing community of Indian parents, collectors and gift-givers. The platform aims to create a single, intelligent loop of smarter discovery and guilt-free exit - making Snooplay the first App in India to build infrastructure around play. Snooplay intends to expand its buyback program in collaboration with NGOs, enabling sustainable toy donations and encouraging conscious consumption. The brand will strengthen its private label offerings across modern retail outlets, e-commerce marketplaces, and curated gifting verticals, while also enhancing its technology, logistics, and operational backbone. The other prominent companies in the toy industry include Funskool, Mattel Toys (India), Simba Toys India, Hamleys (India), Hasbro India, and Lego India.

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